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Wesfarmers Optimistic About Group Outlook - Quick Facts

Wesfarmers (WES.AX,WFAFF.PK) stated that the Group remains optimistic about the outlook for the Group. The Group said the majority of its retail businesses have seen an improvement in sales growth relative to the second half of fiscal 2019.

Wesfarmers said, in recent months, the Group has seen a modest improvement in retail conditions. The Group noted that weather conditions and successful execution during the important Christmas period will impact sales performance for the year.

"Our businesses face a number of cost headwinds this year, largely as a result of higher personnel costs from new enterprise agreements, increased investment in digital and technology and the impact of a lower Australian dollar on costs of goods sold. These pressures will be offset through productivity and sales growth benefits over time but will have an impact on earnings growth in the near term," Managing Director stated.

Regarding remuneration matters, Wesfarmers said it believes the new remuneration structures will serve shareholders well in the long run. The Group said it will be looking at how to address concerns expressed by shareholders going forward without compromising its long-term focus.

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