Wesfarmers, Australia’s biggest private employer and the owner of a string of retail operations including supermarket Coles, is looking at dropping quarterly sales updates to the market.
Outgoing managing director Richard Goyder says: “In my view it distorts the market because the time frame is too short and market reaction to short term sales trends, I think, can be overdone, either way.”
He says he will discuss this with his replacement Rob Scott who would decided what to do in February when the next quarterly report is due.
“I’ve recommended to Rob that we look at dropping it,” he told an analyst briefing for the September quarter sales results.
“We have continuous disclosure obligations and of course we have our briefing day towards the end of May, the beginning of June, and the AGM in November each year.”
The latest three monthly report show flat sales at Coles but strong growth at hardware business Bunnings.