Excellent observation Salvatore01. It will be interesting to see how WesFarmers will react. Be great to be a fly on the wall!! I wonder if they are seeking alliances. either way it's going to hurt their business, a business they've been enjoying an avg ROE of 28% for the last 5 years.
Referring WesFarmer's FY10 report it shows EBIT has risen around $100M/year for FY06 thru to FY09. In FY10 it only rose $80M. I wonder if this is due to declining retail figures across the board in Aust or at least partially to market saturation? I look fwd in earnest to FY11 report.
But one thing that leads me to think that it could be retail in general is that they added 11 warehouses, 2 shops and 9 Trade Centres in FY10 compared to 10, 3 and 10 respectively in FY09. since there is no decline with the pace of construction i guess they figure like WOW, at least, that saturation is nowhere near complete.
Well bring on the price war!! ugly, messy things they are though. wont be pretty.
reactions and comments appreciated.
best regards,
arpeggioC
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