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.
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