Wesfarmers full year sales gained 1.5 per cent to $44.2 billion, ahead of market expectations for 0.7 per cent gain
earnings before interest and tax rose 3.3 per cent to $4 billion.
Net profit was 3.7 per cent higher to $2.6 billion, inline with expectations.
Wesfarmers’ discount retailer
Kmart Group posted strong gains in both sales and earnings during 2023-24 as shoppers looks for deals amid a tough market, buoyed by its Anko products, and helping to offset falls in other businesses. Sales at Kmart rose 4.4 per cent to $11.1 billion in the year to 30 June while earnings jumped strongly by 25 per cent $958 million. Rob Scott called the performance of Kmart a “standout”. Stablemate Target also gained from Anko product being sold and its systems process being integrated more with Kmart.
At
Bunnings, sales gained 2.3 per cent over the year to $19 billion, while earnings were up marginally by 0.9 per cent to $2.3 billion. Mr Scott said Bunnings sales growth was recorded in both consumer and commercial customer segments with the second half supported by demand for ongoing repairs and maintenance, growth in online channels and range like cleaning products and pets which was partly offset by a market-wide softening in building activity.
Officeworks sales were 2.3 per cent higher while new growth division in health, which holds the
Priceline chain, grew 5.9 per cent.
Wesfarmers’ chemicals, energy and fertiliser business,
WesCEF, sales tumbled 17 per cent while earnings crashed 34.2 per cent impacted by lower global commodity prices. WesCEF’s lithium business contributed a loss of $26 million for the 2024 financial year.
The group declared a final dividend of
$1.07 ff, which will be paid 09 October. For the full year, dividends were $1.98 per share, up from $1.91 a year ago,