Australia's Wesfarmers' first-half profit rises as bargain-hunting shoppers drive demand (updated)

WESFARMERS

19/02/2025 22:21

(Updates throughout with more detail on results)
       Feb 20 (Reuters) - Wesfarmers  WES.AX  posted a 3% rise
in its first-half profit on Thursday, powered by strong demand
at two of its biggest businesses as Australians struggling with
higher cost of living hunt for bargains.
    The Australian conglomerate's net profit after tax came in
A$1.47 billion ($932.57 million) for the six months ended
December 31, compared with A$1.43 billion a year ago and the
Visible Alpha consensus estimate of A$1.45 billion.
    The company's hardware unit Bunnings, its biggest
profit-making business, posted a 3.5% sales growth in the first
half, while total sales at its budget department store chain
Kmart rose 2%.
    "During the half, cost of living and cost of doing business
pressures continued to significantly impact many households and
businesses," Managing Director Rob Scott said.
    "Domestic cost pressures are likely to persist, driven by
labour, energy and supply chain costs, and weakness in the
Australian dollar."
    The company declared an interim dividend of 95 Australian
cents per share, higher than last year's payout of 91 Australian
cents apiece.



($1 = 1.5763 Australian dollars)

 (Reporting by Sameer Manekar and Aaditya Govind Rao in
Bengaluru; Editing by Shilpi Majumdar)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))