Wesfarmers reports 3% rise in first-half profit, driven by Kmart and Bunnings performances.

Australian retail conglomerate Wesfarmers has reported a rise in its first-half profit, boosted by strong performances at discount department store Kmart and hardware store Bunnings, as well as the cost-of-living crunch. The company's net profit went up 3% to $1.4 billion in the six months to December 31, while overall revenue increased by 0.5% to $22.7 billion, driven by a 4.8% revenue lift at Kmart, with Kmart's earnings rising 26.5% to a record high of $601 million.

February 14, 2024
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