Why it matters: The WA-based conglomerate owns Kmart Group, Bunnings and Officeworks.
The board has declared fully-franked final dividend of $1.03 per share, bringing total dividends for the year to $1.91 per share.
Wesfarmers expects net capital expenditure of between $1.1 billion and $1.4 billion for the 2024 financial year.
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.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
