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Bunnings’ UK foray drags parent company’s profits down 87%

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Bunnings’ introduction into the UK has had an adverse impact on its Australian parent company’s first half profits, with figures plummeting 86.6 per cent year-on-year. For the six month period ending December 31, Wesfarmers’ net profits plummeted to AUD $212 million (£119 million), down from AUD $1.57 billion (£881 million) the previous year – a whopping $1 billion-plus drop. The plunge was partly attributed to a AUD $1.03 billion (£506 million) write-down on the UK arm of its Bunnings Warehouse chain, a sum larger than that AUD $750 million (£422 million) it originally paid to acquire it.

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Bunnings’ UK foray drags parent company’s profits down 87%

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