Why the drop ?, page-5

It is a big IF, hopefully WES is not spending too much money funding the remain campaign or whatever, see article below they are slashing jobs at Homebase by the bucketload. Might start employing Australians or Kiwis or dual citizens from the colonies.

Old Europe sticks together, they are still getting over the Marshall Plan and that is now close to 71 years old.

Homebase is only really an English business, most of WES job losses were in England see article below:
Scotland and Wales r a bit too poor for DIY and jobs in Homebase. It would have been better for Homebase had England got rid of Scotland but David Conman stitched up England yet again IMHO. Bad for WES, they will have to eventually fire sale the Welsh and Scottish stores.
http://www.theaustralian.com.au/bus...s/news-story/a7f21a8df5e503cebca2af5be490e133

England can't survive without the United States of Europe, oops did I say that? President Clinton will have Europe for toast if it splits apart and refugees will probably come to the East Coast and Canada rather than invading Greece or wherever they were last: Brussels Airport. Stade de France or some rock concert in Paris.

Europe's gain will be America's pain when the refugees get stopped by old European states. Hope England goes it alone, can't see they get anything other than security problems from incompetent Belgium security services and whatever Inspector Clouseaus are still around calling themselves French security services.

UK retail is looking good, commercial property, retail stores like Debenhams, grocers like Sainsburys and retail airlines like IAG r all raking it in. Anyone can do better with Homebase.

Article below Crazy as my IP is obviously East Coast of the States.
Wesfarmers slashes Homebase jobs

• THE AUSTRALIAN APRIL 19, 2016 1:29PM
• Eli Greenblat
  
  Senior Business reporter
  Melbourne

The axing comes after Wesfarmers moved swiftly to clean out the struggling British hardware group’s executive ranks last month. Picture: Chris Ratcliffe/Bloomberg News.
Wesfarmers will streamline support office functions at its newly acquired UK hardware chain Homebase, with the loss of nearly 20 per cent of the workforce set to affect a range of roles across head office, buyers, marketing and other support staff.
The axing of around 149 roles at Homebase comes after Wesfarmers moved swiftly to clean out the struggling British and Ireland hardware group’s executive ranks last month, with the boss of Homebase and all key directors jettisoned from the company.
Just last week Wesfarmers also announced it would close down Target’s head officein the Victorian regional town of Geelong with the loss of up to 180 jobs.
It has been reported overnight in the UK press that several UK offices in the Homebase group have been earmarked for 149 redundancies, with a consultation process of 45 days to begin from today.
These support offices are reported to have 800 staff, with almost one in five jobs set to be made redundant.
Wesfarmers earlier this year unveiled it had bought the UK’s second biggest hardware group Homebase for $704 million, and will spend another $1 billion transforming it into a Bunnings UK retail chain.
Wesfarmers chief executive Richard Goyder commented late last month the clear-out of executive ranks was necessary to make Homebase a “world class’’ business much like its local Bunnings retail chain.
UK industry publication Horticulture Week has reported that Homebase’s new owner believes a different support structure is needed to help better serve the 265 stores within the hardware group’s retail network.
“Earlier this month we updated our team about a proposed restructure of all store support functions. Obviously we will need to speak to the people whose jobs will be affected first and it would not be appropriate to give details while we are involved in a consultation process,’’ Homebase said, according to Horticulture Week.
“What we can say is that we are not simply making across-the-board changes. Rather, we are reshaping the support resource to allow us to help the stores in the best manner possible.
“We have committed to our team that we will move forward as quickly as we can and that we will treat every team member affected generously and with respect.”
There were no current plans to end the Garden Academy, where 30 students joined this month and 40 in November 2015, Homebase said.
Wesfarmers will release its third quarter sales update on Thursday.