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 $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.