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Wesfarmers FY20 revenue jumps 10.5% to $31 bn

12 Oct '20

2 min read

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Wesfarmers Ltd, an Australian conglomerate with interest in apparel and retail products, has announced its full year results for FY20 ended on June 30. Revenue for FY20 rose 10.5 per cent to $30.8 billion (Australian dollars) compared to $27.9 billion in previous fiscal. Net profit after tax (NPAT) grew 8.2 per cent to $2.0 billion (FY19: $1.9 billion).

“The 2020 financial year will be remembered as one of the most challenging of the last half century, with bushfires ravaging large parts of Australia’s eastern states over summer and the Covid-19 pandemic resulting in widespread shutdowns of community activities around the world from March,” Michael Chaney AO, chairman at Wesfarmers, said in a press release.

Sales of Bunnings segment grew 13.9 per cent to $14.9 billion ($13.1 billion) due to increased demand for products. Officeworks sales jumped 20.4 per cent to $2.7 billion ($2.3 billion). Kmart sales were up 5.4 per cent to $6.0 billion ($5.7 billion). However, Target segment sales fell 2.6 per cent to $2.6 billion ($2.7 billion). Whereas, Industrial and Safety division sales were flat at $1.7 billion.

“Throughout FY2020, we have been guided by our corporate objective to deliver a satisfactory return to shareholders over the long term. We recognise we can only achieve this if we continue to anticipate the needs of our customers, look after our team members, treat suppliers fairly, contribute positively to the communities in which we operate, take care of the environment and act with integrity and honesty in all of our dealings,” Rob Scott, managing director at Wesfarmers, said.

Fibre2Fashion News Desk (JL)

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