2309 GMT - Wesfarmers' focus on driving space productivity from its Bunnings hardware stores helps support the stock's continued buy rating at Goldman Sachs. Goldman analysts are positive on management's expansion into categories including pets and automotive, which are accretive in terms of sales and gross profit per square foot of floor space. They tell clients in a note that Bunnings management are cognizant of the fact that sales at U.S. hardware peers are between 1.5 and 2.1 times higher on a per square foot basis. Management thinks that this represents a double-digit growth opportunity, they add. Goldman has a target price of A$80.40 on the stock, which is at A$72.12 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 27, 2025 19:09 ET (23:09 GMT)
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