0038 GMT - Wesfarmers' Kmart chain is growing share of Australia's department-store market while experiencing margin compression amid consumer caution, Goldman Sachs analysts write in a note. They tell clients that Kmart's everyday-low-price strategy and value focus are driving sales as customers trade down to lower price points in response to cost-of-living pressures. The GS analysts keep their group sales forecasts largely unchanged following Wesfarmers' latest trading update, but trim Ebit forecasts for the next three fiscal years by 4.4%, 3.8% and 3.3%, respectively. GS raises target price 4.4% to A$69.50 and keeps a neutral rating on the stock, which is down 0.7% at A$70.18. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 19:38 ET (00:38 GMT)
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