“The impact of lockdowns on household and business confidence has become more acute as recent lockdowns have been extended and further widespread restrictions would negatively impact overall business activity and the group’s trading performance,” the company said in a statement.
SYDNEY: Australian retail conglomerate Wesfarmers flagged a gloomy start to fiscal 2022 as Covid-19 lockdowns hammered sales, even as it surprised investors with a A$2.3bil (US$1.7bil or RM7.13bil) return of capital after strong results for the year that just ended.
Wesfarmers Ltd shares fell as much as 2.7% on Friday after it said sales across its businesses – Bunnings, Kmart, Target, and online retailer Catch – fell in the first seven weeks of the new year.
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