The cost-of-living crisis and “dupe” culture are leading to surging sales for Kmart’s in-house brand Anko – and profits for its $85.4 billion ASX-listed parent company.
Australian shoppers’ love for Kmart’s in-house brand Anko is defying a stagnant trading environment for many retailers and driving profit growth for parent company Wesfarmers as shoppers spent more at the discount department store amid lingering cost of living pressures.
“What is driving sales is quite simple: it is fantastic products at amazing prices. That is what is making the big difference,” Scott told reporters on Thursday morning. Wesfarmers’ stable of retail brands also includes Bunnings and Officeworks, which also grew, albeit more modestly, in challenging trading conditions. The Wesfarmers group as a whole notched a 1.5 per cent uptick in revenue to $44.2 billion and a 3.7 per cent rise in net profits to $2.6 billion.Bunnings’ revenue rose 2.3 per cent to nearly $19 billion, but earnings lifted by just 0.9 per cent to $2.25 billion.
Meanwhile, the Catch.com.au online marketplace remains a loss-maker for the business, with a 35.9 per cent dip in revenue to $227 million. Earnings were -$96 million, an improvement of 41.1 per cent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia’s love for Kmart’s Anko drives profits higher for retail giantThe cost-of-living crisis and “dupe” culture are leading to surging sales for Kmart’s in-house brand Anko – and profits for its $85.4 billion ASX-listed parent company.
Read more »
Face of British army recruitment drive wins payout for racist and sexist abuseKerry-Ann Knight hoped to pave way for Black women but was instead subjected to 12 years of abuse
Read more »
Lindsay Fox drops $1 million deposit on a car he can’t drive on the roadThe billionaire car fanatic’s hypercar takes pride of place in his car museum.
Read more »
Lindsay Fox drops millions on a car he can’t drive on the roadThe billionaire car fanatic’s Mercedes-AMG One now takes pride of place in his vehicle museum. The deposit alone was $1 million.
Read more »
Lindsay Fox drops millions on a car he can’t drive on the roadThe billionaire car fanatic’s Mercedes-AMG One now takes pride of place in his vehicle museum. The deposit alone was $1 million.
Read more »
Ukraine war briefing: Waves of Russian bombings and infantry assaults drive major gains in eastRussian military intensifies pressure on key Ukrainian transport hub of Pokrovsk; Kyiv receives bodies of 250 slain soldiers in exchange with Moscow. What we know on day 892
Read more »