Wesfarmers’ revenue grows amid higher Bunnings, Kmart sales

Wesfarmers has witnessed higher net income and revenue in the fiscal first half amid better sales across the Bunnings Group, Kmart Group, and Officeworks channels.

However, sales of its e-commerce arm Catch, plunged 29 per cent.

The conglomerate’s net income rose 3 per cent to A$1.43 billion as revenue grew 0.5 per cent to $22.67 billion. Earnings before interest and taxes after interest on lease liabilities increased 1.4 per cent to $2.08 billion.

Bunnings Group’s sales went up 1.7 per cent to $9.95 billion while earnings increased 0.3 per cent to $1.3 billion.

“In Bunnings, solid sales and earnings growth continued during the half, with growth in both consumer and commercial sales,” said Wesfarmers MD Rob Scott.

Moreover, Kmart Group’s sales jumped 5 per cent to $6.08 billion pushing earnings to soar 26.5 per cent to $601 million.

“Kmart Group delivered record earnings for the half, reflecting the market-leading value credentials of its Anko products as well as actions to drive cost efficiencies and a moderation in some key input costs,” said Scott.

Officeworks sales climbed 1.8 per cent to $1.67 billion and its earnings grew 1.2 per cent to $86 million.

“Officeworks’ results were supported by continued growth in stationery, art, education, Print & Create and technology categories.”

Meanwhile, industrial and safety revenue increased 3.2 per cent to $1.01 billion with its earnings rising 4.3 per cent to $49 million.

Sales of the WesCEF and Wesfarmers Health segments declined by 21.2 per cent, and 0.1 per cent, respectively.

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