WES +3.2%: A solid FY23 result for Wesfarmers today, led by Bunnings, while trading conditions to start FY24 have been resilient. Revenue of $43.6bn was up +18% and a touch ahead of the $43bn expected, while pre-tax earnings of $3.64bn was up +6.7% and compared well to consensus of $3.62bn. They declared a final dividend of $1.03 putting the FY payout to $1.91, above the $1.84 tipped. Bunnings was ahead, as was Officeworks, Kmart was inline, while their Chemical, Energy & Fertilizer (WesCEM) division was soft. The first 7 weeks have seen similar trends while WES, as is customary for them, did not provide specific FY24 guidance.
- Quality continues to rise to the top this reporting season, and WES was another demonstration of that today, we remain comfortable holders in our Income Portfolio.
MM remains long & bullish WES
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