Wesfarmers updated its estimates on worker underpayments in its half-year results, where it also reported a 5.7 per cent rise in net profit to $1.13 billion. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers Limited. The company is involved in the retail sale of …
“Customers spending more time working, learning and relaxing at home led to very strong demand in some product categories,” the company said, adding that government stimulus measures also had a positive impact on retail sales.
Retailers across the globe have seen a sharp rise in demand for home improvement products, personal appliances and packaged food products, particularly on their online platforms, as customers purchased more products for use within their homes. The company’s office supplies division saw high demand from customers establishing and maintaining their work and learning spaces at home, Wesfarmers said, while home improvement projects helped Bunnings, its hardware segment. Wesfarmers manufactures and commercializes industrial explosives, chemicals and fertilizers for mining and agriculture sectors.
Wesfarmers is a prominent Australian company previously known as Western Australian Farmers' Cooperative. WESFARMERS LIMITED (WES) operates in the Retailing industry category.
Australia's Wesfarmers Ltd posted a 7.4% rise in annual profit on Thursday on higher sales at its hardware and stationery chains during coronavirus … It began due to a demand amongst rural worker unions for lesser working hours and better pay.
Wesfarmers was founded in 1914.
This drove the Group’s retail businesses to clock total online sales growth of 60% during the year, excluding Catch, its online marketplace division.
Kmart recorded a 5.4% lift in sales to $6,068 million and Officeworks delivered a sizeable 20.4% lift in sales to $2,775 million.The company also reported strong growth in online sales in FY 2020.
This is down from $1.78 per share in FY 2019. However, the company said the outlook was highly uncertain, with sales expected to be impacted as government stimulus measures are gradually removed and given that strong sales in the second half likely pulled sales forward from fiscal 2021. This represents earnings per share of 185.6 cents.This profit excludes $3,570 million of significant items and discontinued operations. They grew 60% for the year to $1.5 billion excluding the Catch business. This lifts to $2.1 billion including the ecommerce business. This is primarily relating to the Coles demerger, but also includes the writing down of the value of the Target business by $525 million, $110 million in restructuring costs, and a $310 million impairment against the value of its industrial and safety businesses.Wesfarmers has declared a fully franked final dividend of $0.77 per share, bringing its full year dividends to $1.52 per share. Wesfarmers Limited primarily engages in the retail business in Australia, New Zealand, the United Kingdom, and internationally.
This was driven by demand for products during the pandemic as customers spent more time doing projects at home.Supporting its growth were its Kmart and Officeworks businesses. The figure was higher than an estimate of A$2 billion, according to analysts polled by Refinitiv.
Revenue from continuing operations for the year rose 10.5% to A$30.85 billion.
James is part of the CFA Institute’s Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. Wesfarmers — a diversified corporation From its origins in 1914 as a Western Australian farmers' cooperative, Wesfarmers has grown into one of Australia's largest listed companies.
Since 2017 he has been Managing Director and Chief Executive of Wesfarmers, the Perth-headquartered publicly listed industrial and retail conglomerate, which in 2016 was Australia's largest company by revenue and Australia's largest employer.
This was the start of a love affair with Australian equities and he hasn’t looked back since.
For more information please see our The Motley Fool Australia, PO Box 4635, Ashmore, Qld 4214James Mickleboro has been a Motley Fool contributor since late 2015.
Excluding one-time charges, the retail-to-chemicals conglomerate reported a net profit after tax from continuing operations of A$2.08 billion ($1.50 billion) for the full year ended June 30, compared with A$1.94 billion a year earlier. Reporting by Rashmi Ashok and Anushka Trivedi in Bengaluru; Editing by Devika Syamnath and Rashmi Aich
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