$WES posted their FY results this morning.

I just wanted to call out the retail results. In the context of everything else we've seen sp far this reporting season for Australian retail, just look at those numbers for Bunnings, Kmart, and Officeworks. What a business...or group of businesses!

Kmart obviously a beneficiary of the value conscious retailer trading down. But it's more than that ... e.g.,members of my family get clothes there by choice over higher value brands.

Not Held :-(