Wesfarmers says fewer than 10 people were involved in artificially boosting the retailer’s first-half earningsThree senior Target managers have quit and several more face disciplinary action after doing something the managing director of owner Wesfarmers called “mind-blowingly silly”.
They artificially boosted the retailer’s earnings by arranging rebates with 31 abroad suppliers for the first half of the 2016 financial year on the promise the retailer would pay higher prices in the moment half. That means Target was not on the cusp of a turnaround, as first thought.
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Source: theguardian.com