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Retail-focused group Wesfarmers, which owns some of Australia's best-known brands, including Bunnings Warehouse, says households are still under pressure.

Wesfarmers' full-year results highlight the remarkable success of its Bunnings stores, which generated $20.4 billion in revenue—a 4.1% increase from the previous year. Despite a cost-of-living crisis, Bunnings continues to attract shoppers, contributing significantly to the company's overall revenue of $47.3 billion. The health divisions, including Priceline Pharmacy and Clear Skincare, also showed strong growth, with revenue rising 9.1% to $6.5 billion. Kmart, Officeworks, and the chemicals division reported solid performance, while full-year net profit excluding significant items reached $2.9 billion, up 8.3%. However, when including significant items, profit slightly declined to $2.87 billion. Managing director Michael Schneider will retire in February 2024, succeeded by Rachael McVitty, Bunnings' chief customer officer. Wesfarmers acknowledged inflation's impact on households and businesses, emphasizing its role in providing everyday low prices. The company also noted subdued residential housing activity but remains confident in long-term recovery, positioning Bunnings to benefit from increased building activity. This strategic shift and leadership change underscore Wesfarmers' focus on sustainable growth and community support.

Wesfarmers, the Australian industrial group that owns Bunnings Warehouse, reported improved earnings driven by the retailer's consistent performance. The company highlighted that Bunnings continues to… · Photo : dankeck · CC0 · Flickr

Industrial group Wesfarmers, which owns some of Australia's best-known retail brands, including Bunnings Warehouse, says households are still under pressure.