Wesfarmers boss Rob Scott says its dominant retail brands Kmart and Bunnings will emerge from the slowdown in consumer spending with a bigger slice of the discount and hardware markets, capitalising on price and range to win over budget-minded shoppers.

Both businesses achieved record earnings over fiscal year 2023, helping Wesfarmers to a 4.8 per cent rise in net profit of $2.47 billion, topping market expectations.