Australia’s Wesfarmers logs 5% annual profit rise on strong segmental growth

(Reuters) -Australia’s retail giant Wesfarmers recorded a 4.8% rise in its full-year profit on Friday, boosted by strong performance by its hardware unit Bunnings, budget department store Kmart and the chemicals, energy and fertilisers unit.

The company said earnings from its biggest money-generating segment, Bunnings, rose 1.2% to A$2.23 billion from a year ago as the ‘do-it-yourself’ retailer received strong demand and activity from commercial customers in the second half of the fiscal year.

“The Group’s largest divisions performed particularly well during the year,” Wesfarmers Managing Director Rob Scott said, adding that the operating business continued to respond well to trading and market conditions.

The country’s largest-listed conglomerate said net profit after tax came in at A$2.47 billion ($1.58 billion), compared to A$2.35 billion a year earlier.

It came in line with a Refinitiv Eikon estimate.

Additionally, Wesfarmers said it would pay a final dividend of 103 Australian cents per share.

($1 = 1.5593 Australian dollars)

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