The Kmart Group has seen earnings fall yet again, down 13.7% on last year to $540 million.
While sales for fiscal 2019 were up 1.1% for the year to $8.59 billion, the department stores' performance has been described as 'below expectations'.
The Kmart Group, which includes Kmart and Target, has seen flat trading conditions across the board.
Kmart's famous $25 polka dot dress was not enough to salvage the fiscal result.
While sales were up 1.5%, comparable sales were flat, with womenswear dragging down the result along with a planned exit from DVDs.
Target's total sales fell by 1.5% following store closures, with lower sales in lifestyle, entertainment and beauty.
Comparable sales were down 0.8% at the department store.
Wesfarmers MD Rob Scott said Target’s trading results, in particular, highlighted the need for “ongoing repositioning” of the business.
Up to 15 stores were closed during the year, with further closures planned in 2020.
“Although key elements of the Target range continue to grow, its trading results highlight that Target’s customer offer requires ongoing repositioning,” Scott said.