An unnamed Chinese private investor has purchased a Coles supermarket in the state's South West for $19.6 million, part of a $50 million asset sell-off by the retail chain.
Coles shares have floated on the Australian Securities Exchange at $12.49, with Wesfarmers' price adjusting in early trade without the supermarket giant in its stable.
ANNIVERSARY SPECIAL: WA companies have been on the receiving end of nearly every major takeover completed during the past two decades, with Wesfarmers a notable exception. This article is part of a special series to mark Business News' 25-year anniversary.
Coles' supermarket sales have jumped during the first quarter, with parent company Wesfarmers citing a successful 'Little Shop' campaign, and investment in flybuys promotions, as preparations continue for a vote on the chain's proposed demerger.
Retail giant Woolworths has posted a 12.5 per cent jump in annual net profit but has flagged that supermarket sales in the new financial year have come under pressure by the removal of single-use plastic bags.
Wesfarmers has suffered a 58 per cent drop in full-year net profit after taking more than $1.3 billion in costs and losses on its disastrous Bunnings UK exit and a $300 million write-down on underperforming Target, while also announcing leadership changes at its department stores.
Perth-based conglomerate Wesfarmers has sold its stake in the Bengalla coal mine in NSW, continuing a major reshaping of its portfolio after the sale last year of another coal mine and the planned spin-off of its Coles business.
Wesfarmers has announced it anticipates the demerger of Coles to be completed by the end of November, after the company's annual general meeting, and will seek to retain a 15 per cent stake of the business.
Wesfarmers has announced two leadership changes today, with Officeworks chief executive Mark Ward set to step down at the end of the year, while former New Zealand prime minister Bill English has been appointed to the board of the Perth-based conglomerate.
Coles' food and liquor sales rose in the third quarter, with parent company Wesfarmers citing lower prices and improved service and quality for customers.
A private interstate investor has purchased the Coles complex in Riverton, which includes a supermarket, a First Choice Liquor, a TAB and a 300-bay carpark, for $32 million.
Investors have welcomed today's news that Wesfarmers plans to spin-off supermarket giant Coles and create a separately listed business that would rank among the 30 biggest on the Australian stock market.
Grocery wholesaler Metcash has lifted first-half profit by 24 per cent to $92.9 million, despite a drop in sales across its supermarkets business, with WA sales hit by increased competition and soft economic conditions.
Supermarket giant Coles has suffered a slowdown in first-quarter sales growth as a rapid fall in the price of fresh produce and competition from a resurgent Woolworths keeps pressure on margins.
Earnings at supermarket giant Coles have fallen for the first time since its acquisition by Wesfarmers nine years ago, as its sales growth slowed further amid stiff competition.
Shares in Wesfarmers have fallen after the company unveiled a mostly weak third quarter for its retail businesses, including softer growth from its supermarket giant, Coles.
OPINION: Despite some widely publicised problems in the past year, Woolworths is emerging stronger in the supermarket face-off with major rival, Coles.
The competition watchdog has raised concerns about the way Aldi, Coles and Woolworths treat suppliers when dumping products from their supermarket shelves.
