Breakingviews - Breakingviews - Hardware chain owner struggles to go against grain
Tracks from a tractor are seen in paddocks containing crops of wheat on a property located on the outskirts of the town of Mallala, north of Adelaide, South Australia, August 21, 2018. Picture taken August 21, 2018. REUTERS/David GrayMELBOURNE, Feb 17 - Even a distinctive diversified business model is no match for Covid-19.
Boss Rob Scott said that all things considered, the results showcased the conglomerate’s strength. While the chemicals and workwear divisions did grow earnings before tax, the far larger retail operations tumbled across the board because of forced store closures, supply-chain snags and labour constraints. Most notably, the Bunnings hardware chain that accounted for some 70% of operating profit suffered a rare decline, of 1.3%.
Scott is undeterred, saying he’ll keep pursuing deals that deliver long-term value. He’s also confident, partly because of the company’s size, in his ability to manage inflationary pressures and shoppers buying more online. As shareholders around the world grow increasingly frustrated by ungainly corporate structures, however, the Wesfarmers case just got harder to make.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Introducing BNB Chain: The Evolution of Binance Smart Chain | Binance BlogToday, Binance Chain and Binance Smart Chain become BNB Chain.
Read more »
Breakingviews - Theme park deal rollercoaster takes downward lurchDeal ups and downs might be making Cedar Fair shareholders queasy. If the theme park operator’s board is doing its job, their stomachs should settle soon.
Read more »
Binance Smart Chain and Binance Chain become BNB ChainBinance Smart Chain rebrands itself to BNB, mimicking its own native coin, but standing for “Build and Build”.
Read more »
Samsung's next event will take place on February 27th, alongside Mobile World Congress | EngadgetSamsung's next event will take place on February 27th, alongside Mobile World Congress
Read more »
Introducing BNB Chain: The Evolution of Binance Smart Chain | Binance SupportFellow Binancians, As of today, Binance Chain and Binance Smart Chain (BSC) will become BNB Chain. A transition that highlights BSC’s connection with the BNB token and BNB ecosystem. Following in...
Read more »