The company said retail trading conditions had remained robust through the first seven weeks of fiscal 2023 and increased its final dividend.
Wesfarmers boss Rob Scott expects key retail brands Bunnings and Kmart Group to be weather any downturn as households budgets come under pressure from rising interest rates this year because customers will tackle more do-it-yourself projects and search for better deals at the discount stores chain.
Mr Scott warned continued staff absenteeism has been tracking “quite a few percentage points higher” and putting pressure on costs across all businesses. A critical shortage of skilled labor and rising costs are also increasing the risks of new investment projects and making it harder to commit to them.
The company’s largest earnings generator, hardware giant Bunnings, had enjoyed positive sales growth so far in the new financial year, while sales at Officeworks were in line with the prior year. Revenue increased 8.5 per cent to $36.84 billion, while earnings before interest and tax fell to $3.63 billion from $3.78 billion a year ago.
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