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Wesfarmer, which owns DIY stores Homebase and Bunnings, has revealed profits for the second half of 2017 were down by 86.6%.
Wesfarmers said that five loss-making Homebase branches were closed between July and December 2017, but it added it was hopeful business would improve during the UK spring and summer.
The group bought Homebase in February 2017, with a proposed plan to turn most existing stores into Bunnings properties.
Rob Scott, Wesfarmers managing director, said: “The loss for the half reflected continued trading and execution challenges as a result of the rapid repositioning of Homebase following the acquisition.
“The management team has been strengthened and a review is underway to identify the actions required to improve shareholder returns.”
