Coles, which generates about 40 percent of Wesfarmers's earnings, saw half-yearly earnings before interest and tax slide 2.6 percent, including one-off gains from asset sales. Excluding those one-offs, Coles earnings dropped 6.8 percent, Wesfarmers said.
Wesfarmers and Coles's larger rival, Woolworths Ltd (WOW), have been shutting down and selling non-core assets as the duopoly tries to slow the incursion of new discount competitors like Germany's ALDI Inc [ALDIEI.UL] in the A$100 billion grocery sector.
Aldi grabbing a heap of Coles earnings ......... I bet they will grab a similar amount off Woolies.
News: WOW UPDATE 1-Australia's Wesfarmers says half-year profit gains on home improvement, page-2
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