Wesfarmers 1st Half Profit Rises 3%, Boosted by Retail

By Mike Cherney

SYDNEY--Australian industrial-retail conglomerate Wesfarmers said its half-year profit rose 3%, reflecting strong performance in retail but a drag from lower commodity prices.

The company, which runs retail chains like hardware store Bunnings and discount chain Kmart and has fertilizer, lithium and healthcare businesses, said its net profit for the six months through December was 1.425 billion Australian dollars (US$930 million). That's slightly ahead of market expectations for A$1.398 billion, as assessed by FactSet.

Revenue rose 0.5% to A$22.67 billion. That compares to market expectations for A$22.79 billion, according to FactSet. The rise was driven by Kmart, where revenue rose 4.8%, and Bunnings, where revenue grew 1.7%, and offset by the chemicals, energy and fertilizer unit, where revenue fell 21%.

Wesfarmers said it would pay an interim dividend of 91 cents, versus 88 cents a year ago.

Write to Mike Cherney at [e-mail]

(END) Dow Jones Newswires

02-14-24 1652ET