Wesfarmers to return cash to shareholders after 19pc profit rise

By Ian Verrender

The diversified Perth-based group that counts Coles supermarkets as its biggest operation, has announced a $1. 1 billion capital return to shareholders, in addition to a hefty lift in its ordinary dividend, with a special dividend thrown in for good measure.

The group delivered a 19 per cent lift in net earnings to $2. 689 billion as improved performances at Coles, Bunnings and Officeworks offset lower coal prices in its resources division and weak results from Target, industrial safety and chemicals.

The improved performance was struck on a 4 per cent lift in revenue to $62. 348 billion. The $1. 05 final ordinary dividend helped lift the total annual payout by 5. 6 per cent to $1. 90.

A capital management program will return an extra $1. 10 a share, subject to approval from shareholders and a ruling from the Australian Taxation Office on how the exact split between fully-franked dividend payments and a share buyback should be structured.

Read more here: ABC


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