Source: Herald Sun

Story By: Jeff Whalley

AGGRESSIVE price discounting at the supermarket checkout and the coal boom have helped Wesfarmers boost full-year profit to almost $2 billion.

The parent company of Coles and Bunnings this morning announced its annual net profit rose to $1.922 billion in the year to June, up 23 per cent from $1.56 billion a year ago.

Revenue increased 6 per cent to $54.875 billion for the company which also runs coal mining, insurance and chemical businesses.

Wesfarmers' Coles supermarkets division has been engaged in a muscular discounting strategy to win back market share from key rival Woolworths.

"Coles continued to deliver strong earnings growth ... reflecting solid sales momentum supported by operational efficiencies,'' the company said in a statement.

Coles home brand sales had doubled in the last year with more than a thousand new products launched in the same period.

To read the full story, follow this link: www.heraldsun.com.au/business/wesfarmers-boosts-full-year-profit-to-almost-2-billion/story-fn7j19iv-1226117420103