Be patient: Wesfarmers boss insists Coles changes on track
July 14, 2008
THE Wesfarmers chief executive, Richard Goyder, has hit back at suggestions the company is taking too long to turn around the Coles Group businesses it acquired last year, saying plans are underway to combat previous under-investment and cultural problems.
Wesfarmers expecting solid growth
Coles owner Wesfarmers has delivered a 33.6 per cent rise in annual profit and expects solid growth again this year despite a tougher economic environment.
Wesfarmers ends share offer
Wesfarmers has successfully completed the institutional leg of its $2.5 billion equity raising to help pay for the acquisition of the Coles supermarket chain.
Wesfarmers shares up with rising success
Wesfarmers shares rose 1.8 per cent Monday after the company finalised part of a $2.5 billion equity raising and opened it to retail shareholders.
Wesfarmers denies buying a bad apple
THE managing director of Wesfarmers has denied that earnings at its supermarkets and bottle shops have gone backwards.
Wesfarmers chairman to step down
Wesfarmers chairman Trevor Eastwood will step down from the post in November to be succeeded by current deputy chairman Bob Every.
Wesfarmers gas shock
Wesfarmers says pretax earnings may be cut by $20 million per month due to the gas outage in Western Australia.
Wesfarmers in trading halt
Share trading in Wesfarmers was halted today ahead of a retail entitlement offer.
Wesfarmers expects 5-year Coles overhaul
Wesfarmers says it will take five years to overhaul Coles, and expects sliding consumer sentiment to take a toll on its other retail businesses.
Wesfarmers completes $1.8bn refinancing
Wesfarmers has completed a $1.8 billion refinancing priced at an all-in of 100 basis points including fees, nearly triple the cost of the loan being replaced.
Wesfarmers raises $US650m
Wesfarmers, Australia's biggest home improvement chain, raised $US650 million in its debut offering of US dollar bonds after dropping plans to issue 10-year notes.
WA gas woes hit Wesfarmers earnings
Wesfarmers says its pre-tax earnings will be cut by up to $20 million a month, as the company feels the impact of gas outages in Western Australia.
Wesfarmers plans to raise $2.5 billion
Wesfarmers says it will sell new shares as it aims to raise $2.5 billion.
Wesfarmers hints at grocery price war
Coles owner Wesfarmers Ltd says it will continue to absorb increased food costs because it wants to build "price trust" with shoppers.
Shares in Wesfarmers halted
Shares in Wesfarmers are placed on a trading halt amid reports that it is planning a multi-billion dollar capital raising.
Wesfarmers shares rebound after...
Wesfarmers shares rebound as retailer says its outlook remains positive.
Wesfarmers chairman quits
Wesfarmers chairman Trevor Eastwood will step down in November to be succeeded by his deputy Bob Every.
Wesfarmers under sell-off pressure
WESFARMERS is coming under pressure from international credit markets to offload parts of its disparate empire to underpin efforts to refinance $4 billion of short-term debt used to pay for its purchase of Coles.
Wesfarmers Issue to cover Coles buy-up
WESFARMERS is today expected to announce it has succeeded in replacing its $4 billion in short-term debt stemming from its Coles Group acquisition, including a new $800 million Australian debt facility priced lower than its recent US bond issue.
Wesfarmers to keep 'improving' Kmart
Wesfarmers has decided to hang on to Coles' underperforming Kmart outlets after the general merchandiser showed signs of recovery in the first half.
Wesfarmers tips strong earnings growth
Wesfarmers expects earnings this financial year to increase significantly after delivering a rise in annual profit.
Wesfarmers enters trading halt
Securities of Coles owner Wesfarmers Ltd have been placed in a trading halt pending the release of an announcement by the company.
Wesfarmers book-build lower than hoped
Wesfarmers says it has raised $530 million from a retail book-build, with 18.3 million new ordinary shares taken up at the offer price of $29.00.
Wesfarmers cuts retail share offer
Wesfarmers, the conglomerate that owns the Coles supermarket chain, said it had reduced the size of a retail entitlement offer to $530 million equivalent, from $570 million.
Wesfarmers raises $710m in US bond issue
Wesfarmers is raising about $710 million in a bond issue in the United States.