Business Don't miss out on the headlines from Business. Followed categories will be added to My News. Wesfarmers chief executive Rob Scott says elevated inflation and interest rates continue to place pressure on household and business demand, but the conglomerate’s key businesses, such as Bunnings and Kmart, remain resilient as shoppers seek out value.
In the Wesfarmers boss’s speech to be delivered to the annual general meeting in Perth later on Thursday, Mr Scott provided a trading update for its portfolio of retail, industrial and mining businesses. In his address Wesfarmers chairman Michael Chaney also derided those who seem to think that profit is a “dirty word”, strongly defending the role of profitable companies such as Wesfarmers and its contribution to the Australian economy and community. The conglomerate also announced the departure of director Jennifer Westacott who will retire from the board.
She will be replaced by businesswoman and director Julie Coates who was most recently the CEO of CSR and previously the boss of Goodman Fielder and Big W. Mr Scott will tell shareholders that in the current economic settings, the bulk of its businesses were performing well. Although some parts of the conglomerate were finding the economic settings more challenging such as Officeworks which was encountering weaker conditions among small and medium sized business customers and its online marketplace Catch Group which was continuing to struggle.
Kmart and Target were pe.
