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Australia's Wesfarmers posts record annual profit on coal, home improvement

Australia's Wesfarmers posts record annual profit on coal, home improvement
From Reuters - August 16, 2017

Aug 17 (Reuters) - Australian retail-to-mining conglomerate Wesfarmers Ltd on Thursday posted a record annual profit but just missed analyst forecasts, boosted by the coal and home improvement units although supermarket sales were flat.

The owner of the country's No. 2 grocery chain and discount department stores Target and Kmart said net profit for the year to end-June was A$2.87 billion ($2.27 billion), up from A$407 million a year ago, marginally missing the A$2.90 billion average forecast of 9 analysts polled by Thomson Reuters I/B/E/S.

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