NPAT from continuing operations for the 12 months to June 30 was up 13.5 per cent at $1.9 billion,and revenue from Wesfarmers'continuing operations was up 4.3 per cent to $27.9 billion.
Overall net profit was inflated due to Wesfarmers'$2.26 billion gain fromits demerger of Coles in November last year.
This sale,combined with the sale of Kmart’s tyre and auto business,Wesfarmers’ stake in the Bengalla mine and its indirect interest in Quadrant Energy,saw the company book $5.5 billion in net profit after tax when taking discontinued operations into account.
Overall earnings before interest and tax (EBIT) jumped 12.2 per cent for the financial year to $2.97 billion,thanks largely to a"solid"performance from hardware giant Bunnings,which saw EBIT increase 8.1 per cent to $1.62 billion.
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Officeworks increased EBIT 7.1 per cent to $167 billion,and combined the two retailers drove 76 per cent of the company's profit growth,however earnings growth for both have slowed since the 2018 financial year.
Department stores growth slows as offerings"too similar"
The company's department store division of Kmart and Target took a hit,with EBIT dropping 13.7 per cent to $540 million. Like-for-like sales for Kmart were flat while Target's dropped 0.8 per cent.