Blue Chip Stocks News Wesfarmers (WES)

WES wesfarmers blue chip stocksWesfarmers (WES) is a major diversified Australian company that covers a wide scale of industries.

These include retail, home improvement and building supplies, coal mining, gas processing and distribution, industrial and safety product distribution, manufacturing of chemicals and fertilisers and insurance.

The company is also widely considered among the market’s blue chip stocks.

On 21 October, WES reported its first quarter sales and coal output numbers.

Sales at Coles grew 5.9% on-year, outpacing Woolworths’ 3.2% gain yesterday. WES attributed the result to new store openings, and better quality fresh food.

Kmart and home improvement sales were up 3.7% and 3.9%, respectively, driven by in-store improvements and lower prices.

However, Target sales declined 1.4% amid tough trading conditions due to an extended period of cold weather, and price deflation.

At WES’ Curragh Mine, coal output declined 9.4% from the previous quarter, with unseasonable wet weather impacting the production of its metallurgical coal production.

Bengalla coal production fell 24.7%, also due to wet weather, whilst Premium output rose 12.9% as it became the sole supplier to Verge Energy from 1 July, 2010.

WES shares jumped 2.5% on the day, making it one of the better performers in the Australian share market.

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