Once the greatest retail behemoth Australia has ever seen, Bunnings is now sputtering along, according to the latest financial results from Australian conglomerate Wesfarmers.
The West Australia-based owner of Bunnings, Priceline, Kmart, Target and various natural gas extraction facilities reported its financial results to the market on Thursday. The market reacted in disgust, as the next chart shows. Wesfarmers’ stock price fell about 4% per cent.
The reason was certainly not Kmart, which posted another astonishing burst in revenue. Instead, it was probably Bunnings, which has turned from growth to stasis, even as a Senate
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