August 26, 2019 / 10:13 PM / 2 months ago

Australia's Wesfarmers posts 13.5% rise in full-year profit

Aug 27 (Reuters) - Australian conglomerate Wesfarmers Ltd reported a 13.5% rise in annual profit on Tuesday, driven by higher sales in its hardware business, even as the country’s spending slowdown hurt the company’s discount department stores.

The company reported an adjusted net profit from continuing operations of A$1.94 billion ($1.31 billion) for the 12 months ended June 30, up from A$1.71 billion a year earlier. (bit.ly/2ZpkFAd)

Analysts on average had expected a profit of A$1.92 billion, according to Refinitiv data.

The Perth-based firm declared a final dividend of A$0.78.

$1 = 1.48 Australian dollars Reporting by Niyati Shetty in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel

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