By John Van Klaveren
CHALLENGING trading conditions contributed to a 12.9 per cent profit drop for Geelong headquartered Target, its annual results showed.
Target reported earnings of $244 million, down from $280 million last year.
But managing director Dene Rogers said part of the reason for Target’s underperformance was a $40 million provision to streamline the company’s supply chain.
Target reported a sales decline of 2.1 per cent and a revenue drop of 1.2 per cent.
The Target performance contrasted with strong performances among other Wesfarmers businesses Coles, Bunnings and Kmart.
The three bumped Wesfarmers’ net profit after tax for the year up to $2.126 billion
Profit misses retail Target
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