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The Truth About Kmart Being Sold Has Been Revealed!

For the last couple of weeks, we have all been at heightened fear that Kmart may well be about to be sold so that Wesfarmers can save Target.

It all came after a Credit Suisse analyst Grant Saligari recommended the move saying "A solution to this apparent dilemma for Wesfarmers could be to sell Kmart and, arguably at peak valuation, and then set about trying to fix Target. The approach has a reasonable chance of capturing the upside value of both businesses."

Kmart have now responded to this speculation saying “Kmart’s earnings increased 16.3 percent to $371 million on revenue growth of 8.9 per cent,”

“Kmart produced another very strong result, with sales growth delivered in all categories, underpinned by growth in customer transactions and units sold,” Managing Director Richard Goyder said. “Continued investments in the store network, product enhancements, and sourcing and supply chain efficiencies also supported sales and earnings growth.”

When customers began posting on Facebook about the potential move, Kmart have said “We are focused on delivering great products at every day low prices well into the future and will not be commenting on this speculation.” 

So, it's probably going nowhere.

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