Wesfarmers (ASX:WES) is Australia's leading conglomerate, and one of the most widely know blue chip stocks in the Australian share market.

Since listing on the ASX in 1984, the company has recorded strong growth in assets and profits.

The company owns several iconic Australian businesses, including supermarket chain Coles, hardware retailer Bunning's Warehouse, discount department stores Target and K-Mart, and office supplies provider Officeworks. WES also involves in industrials supplies distribution, coal mining, fertilisers, chemicals and general insurance.

Today, WES reported its full year results.

FY11 net profit climbs 22.8% to $1.92 billion, exceeding analyst estimates of a $1.88 billion profit. A final dividend of $1.50 was declared, also beating estimates.

Coles earnings growth outpaced sales growth, reflecting operational efficiencies at the division. Kmart and Bunnings also recorded earnings growth.

However, Target EBIT slumped 26.5% due primarily to price deflation and clearance activity.

Revenue at the Coal division grew 25.6% on-year, with record export prices and strong demand offsetting the impact to production from the early-year flooding.

WES was optimistic about the outlook given solid operating fundamentals, but said its outlook was subject to any adverse shocks from the fragile global economy.