Wesfarmers has reported uplifts in both sales and profit for the last fiscal year, despite what management described as a challenging trading environment.

The company’s revenue for the year ended June 30 rose 3.4 per cent to $45.7 billion, while net profit after tax jumped 14.4 per cent to $2.9 billion.

At Bunnings, sales improved 3.3 per cent to $18.9 billion, with comparable sales up 3.5 per cent. Kmart Group saw revenue increase 3.4 per cent to $10.9 billion and comparable sales increase 3 per cent.

Sales also grew 2.9 per cent at Officeworks, 6.7 per cent at WesCEF, and 2.1 per cent at Wesfarmers Health. Meanwhile, the industrial and safety segment revenue slid 0.5 per cent, amid a softer market and the restructuring of Blackwoods and Workwear Group.

“Wesfarmers’ earnings growth in challenging trading conditions is a credit to our team members, who continued to find ways to support customers and create shareholder value,” said Wesfarmers MD Rob Scott.

“In a year when many retail and business customers faced cost-of-living and cost-of-doing-business pressures, the group’s divisions delivered even greater value, service and convenience for customers. 

“This was achieved through the delivery of productivity initiatives which supported investment in customer value propositions and helped mitigate higher costs,” he added.

Looking ahead, the group said its retail divisions are well-positioned to grow profitably in a complex operating environment, supported by strong value credentials, broad customer appeal, and growing addressable markets.

Wesfarmers announced that Ken MacKenzie will become its next chairman of the board next June. 

MacKenzie, who was most recently chair of BHP Group, will succeed Michael Chaney after the group’s annual meeting in October next year.

Chaney, who has worked at Wesfarmers for 40 years, previously said he would retire at the end of his current three-year term.