WES –2.08%: held a strategy today to update investors on the path forward for the retail conglomerate. With earnings now comping on COVID lockdowns, their Bunnings and Target businesses have seen higher volatility on last year’s earnings given the spike in sales during that period – a similar story to many retailers and the main reason we took profits from WES in the Income Portfolio a few weeks ago. While they remain in good stead, they did say that online sales have moderated which was to be expected given stores are mostly back open and shoppers are back in person, though online remains up on pre-COVID levels. For the most part though, it remains on course.
MM are neutral WES
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