2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Revenue | $2.8B | $2.9B | $3.3B | $3.1B | $3.6B |
Cost of Revenue | $679M | $874M | $1B | $927M | $823M |
Gross Profit | $2.1B | $2B | $2.2B | $2.2B | $2.8B |
Gross Profit % | 76% | 70% | 69% | 70% | 77% |
R&D Expenses | $0 | $0 | $0 | $0 | $0 |
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Net Income | $517M | $944M | $1.3B | $999M | $1.6B |
Dep. & Amort. | $491M | $552M | $582M | $601M | $650M |
Def. Tax | $3.3M | -$9.8M | $2M | $1M | $14M |
Stock Comp. | $15M | $28M | $28M | $32M | $37M |
Chg. in WC | $30M | $216M | -$49M | -$79M | $0 |
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Cash | $445M | $202M | $287M | $273M | $1.1B |
ST Investments | $0 | $0 | $0 | $0 | $0 |
Cash & ST Inv. | $445M | $202M | $287M | $273M | $1.1B |
Receivables | $471M | $467M | $590M | $681M | $721M |
Inventory | $882K | $3.4M | $3.8M | $2.6M | $2.5M |
Wesfarmers delivered growth in sales, earnings, and dividends despite a challenging trading environment; the Board declared a fully franked interim dividend of $0.95 per share, up 4.1% from the prior period.
Strong performance was driven by Bunnings (sales up 3.1%, earnings up 3.2% to $1.32B) and Kmart Group (earnings up 7.2% to $644M), with both divisions benefiting from productivity initiatives, value-focused strategies, and digital investments.
Portfolio actions included the announced sale of Coregas for $770M, wind-down of Catch (expected closure costs of $50M–$60M in 2H FY25), and divestment of WESCEF LPG/LNG businesses; these moves are expected to improve group earnings in FY26.
The Covalent JV’s Kwinana Lithium Hydroxide Refinery is 95% constructed and 50% commissioned; first product is expected mid-calendar 2025, with production ramp-up over 18 months and profitability expected to improve post-ramp-up (likely FY27).
Outlook: Retail divisions are maintaining sales momentum into 2H FY24; ongoing productivity and digital investments are expected to offset cost pressures, while new growth platforms in health, lithium, and retail media are seen as significant long-term opportunities.