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Proof Aussies Can’t Get Enough of Bunnings
Bunnings and Kmart lifted group earnings as Wesfarmers said lower prices and disciplined execution helped offset a 22.2% drop at Officeworks.
- On Thursday, Perth-based Wesfarmers reported full-year net profit of $2.87 billion for 2025/26, down 1.8 per cent year-on-year, though underlying profit rose 8.3 per cent to $2.9 billion on revenue of $47.27 billion.
- Chief executive Rob Scott attributed the result to strong earnings from Bunnings and Kmart, as retail businesses dropped prices on thousands of products to support household budgets amid cost-of-living pressures.
- Bunnings earnings grew 5.1 per cent to $2.455bn on sales of $20.4 billion, while Kmart Group earnings rose 6 per cent to $1.11bn, with more Australians shopping at both retailers despite economic headwinds.
- Rachel McVitty, chief customer officer, will take over as managing director after Michael Schneider retires in February 2027, ending his decade-long tenure leading Bunnings' growth.
- Wesfarmers declared a total dividend of $2.22 for the year, though management cautioned that economic uncertainty surrounding inflation and interest rates continues to weigh on consumer sentiment and business spending.
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Sydney Morning Herald+3 Reposted by 3 other sources
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Schneider joined the hardware chain in 2005 as a state operations manager and became managing director in January 2016. Chief customer officer Rachel McVitty is set to take over the role.
·North Sydney, Australia
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Coverage Details
Total News Sources11
Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 37% Center
Bias Distribution
- 38% of the sources lean Left, 37% of the sources are Center
38% Left
L 38%
C 37%
R 25%
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