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Breaking news: Target set to close stores across Australia

Heartbreaking news for staff and locals - by Amy Sinclair
  • 28 Aug 2019

Target is set to close stores across Australia after reporting a loss, despite owner Wesfarmers' massive full-year profit.

The Perth-based conglomerate, which also owns Kmart and Coles, quadrupled its full-year profit to $5.51 billion.

Bunnings Warehouse, Officeworks and the company's chemicals divisions drove a 4.3 per cent increase in revenue from continuing operations to $27.9 billion.

Breaking news: Target set to close stores across Australia

But earnings at the Kmart Group, which Target and Kmart both fall under, was a disappointment, with a 13.7 per cent drop to $540 million.

Target's total sales fell by 1.5 per cent following ongoing store rationalisation and lower sales in lifestyle, entertainment and beauty, with comparable sales down 0.8 per cent.

Wesfarmers said Target's trading results, in particular, highlighted the need for "ongoing repositioning" of the business.

"The opportunity we see is to better distinguish the offering from Target to Kmart ... they were too similar frankly," Managing Director Rob Scott said.

A Target spokesman told 7NEWS.com.au there were no specific stores being closed but that stores would be assessed on a case by case basis.

Several stores have already been closed in the last two years, as the department store's online business grows.

'It is business as usual for Target, and all stakeholders will be communicated with well in advance of any planned change to Target’s store network," the spokesman said.

"We look forward to continuing our relationship with the communities where we operate and remain committed to providing our customers fashion that excites and quality that endures.

"As always, and with great respect, our team members will be communicated with first if there are any planned changes to our stores.

"And in all cases we will work with impacted team members to find redeployment opportunities at other Target stores or across the broader Wesfarmers Group."

This story first appeared on 7News.com.au

Amy Sinclair
Amy Sinclair
Amy Sinclair is a contibutor for New Idea Food.

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