The mother of Richard Goyder, the CEO of Wesfarmers — one of the biggest retail companies in Australia — gives him a hard time about dividends.
He told the company’s annual general meeting today that his mother Mary and father Bob bought the minimum number of Wesfarmers Co-op shares in 1984 so they could get a discount on fertiliser.
Goyder said that when his father died in 2006 he left happy memories of fifty years of marriage and those co-op shares, now full Wesfarmers shares.
That $1,000 investment was now worth $294,000.
“And does she give me a hard time on dividends,” Goyder said.
Goyder told the Perth AGM that headline Coles’ food and liquor sales are up 4.4 per cent in the first quarter to September.
Volume growth in fresh food was strong on the back of cheaper prices.
Overall, the Wesfarmers’ retail business — Coles, Bunnings, OfficeWorks, Kmart — had been pleasing this financial year.