SYDNEY, Aug 24 (Reuters) - Retail and resources conglomerate Wesfarmers Ltd WES.AX , Australia's No.1 company by sales, has recorded its worst net profit in 15 years due to impairment charges to cover an overhaul of discount department stores and lower coal prices.
Net profit for the owner of the Kmart and Target store chains, as well as Australian supermarket operator Coles, slid 83 percent to A$407 million ($309.85 million) in 2015-16, down from A$2.44 billion a year ago. The result missed an average forecast of A$1.2 billion from eight analysts polled by Thomson Reuters I/B/E/S.
Wesfarmers, Australia's 9th-biggest company by market value, had not given earnings guidance. But in May it flagged impairment charges totaling as much as A$2.2 billion against its coal business and stores it is overhauling in the face of competition from European fast-fashion chains. = 1.3135 Australian dollars)