Bunnings the Wesfarmers owned hardware retailer that has been targeted by politicians following allegations of price gouging has delivered revenues of $18.9B up 2.3% as of year end in June 2024.

Profits rose 0.9% to $2.251 billion.

The CEO of Bunnings Mike Schneider i(Seen below) is set to be grilled about their treatment of customers and suppliers by a new parliamentary inquiry that is getting attention following the recent supermarket inquiry.Bunnings management claim that their sales and earnings performance demonstrate the resilience of demand across its offer and continued strong execution of its strategic agenda.

Sales growth was recorded in both consumer and commercial customer segments with growth in the second half supported by sustained demand for ongoing repairs and maintenance, growth in online channels and range innovation, partly offset by a market-wide softening in building activity.

Bunnings also continued to deliver growth in “transactions and units sold” management claimed.

They said in their latest financial report “With continued pressure on many household budgets, consumer sales growth was supported by Bunnings’ strong value credentials. Bulk pack quantities, own-brand and entry-level ranges performed well, appealing to consumers seeking affordable options to maintain and improve their homes”.

Commercial sales growth during the year reflected continued demand from trades as they work to complete the pipeline of outstanding work. Demand from builders moderated through the year as new building starts were lower relative to recent years

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