Wesfarmers will displayer investors with an improved dividconclude after Bunnings once again proved the jewel in the WA-based conglomerate’s crown.
Full-year revenue of $45.7 billion – up 3.4 per cent on the previous year – was also boosted by solid sales growth at Officeworks.
The board will pay out a fully franked final dividconclude of $1.11 a share, bringing total fully-franked ordinary dividconcludes for the year to $2.06 a share – an increase of 4 per cent on a year earlier.
It is also handing out a special distribution of $1.50 a share.
Wesfarmers CEO Rob Scott stated its retail offerings – which includes Bunnings, Officeworks, Kmart and Tarobtain – delivered value for customers “in a year when many retail and business customers faced cost-of-living and cost-of-doing business pressures”.
“The group’s largest divisions continued to perform well, with Bunnings and Kmart Group’s everyday low prices and market-leading offers driving sales and earnings growth,” he stated.
“The retail divisions also benefited from new and expanded ranges and offerings that supported grow their addressable markets.”
Earnings befoe interest and tax rose 11.9 per cent for the 12 months, up from $3.99b to $4.47b.
Profit excluding sigificant items soared 14.4 per cent to $2.93b. Factoring in those items, profit came in at $2.65b – up 3.8 per cent.
But Wesfarmers stated its businesses remained reslient but it continued to navigate “a complex operating environment”.
“Cost-of-doing business pressures are persisting and weighing on business demand and investment, while geopolitical risks present uncertainties to Australia’s economic outsee,” it stated.
“Despite these challenges, the Australian economy remains resilient, supported by a strong labour market and moderating inflation, which are contributing to a modest improvement in consumer demand.
“The recent easing of interest rates is expected to provide further relief for many consumers and businesses, supporting consumer sentiment and business confidence.”
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