Wesfarmers Limited (ASX: WES) is a diversified conglomerate whose core operations are in Australian and New Zealand retail through Bunnings, Kmart, Target and the Wesfarmers Health network (including Priceline Pharmacy), supported by industrial businesses in chemicals, energy and fertilisers, industrial and safety products and lithium chemicals. The group focuses on value-oriented, everyday-needs ...
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Industry & Focus
diversified retail
home improvement
pharmacy and healthcare retail
chemicals and fertilisers
office and safety products
Company Overview
AI-generated company summary
Wesfarmers Limited (ASX: WES) is a diversified conglomerate whose core operations are in Australian and New Zealand retail through Bunnings, Kmart, Target and the Wesfarmers Health network (including Priceline Pharmacy), supported by industrial businesses in chemicals, energy and fertilisers, industrial and safety products and lithium chemicals. The group focuses on value-oriented, everyday-needs retailing with leading market positions in home improvement, discount department stores and pharmacy, complemented by industrial assets that provide stable cash flows and exposure to resources and agriculture. Wesfarmers’ strategy emphasises scale, disciplined capital allocation and data-driven customer insights, underpinned by a strong balance sheet that enables ongoing investment and bolt‑on acquisitions. Its portfolio approach and ownership of market-leading brands give it resilience across economic cycles and consumer spending conditions.
Company History
Wesfarmers traces its origins to 1914 when it was founded in Western Australia as the Westralian Farmers Co‑operative to service the needs of rural producers, gradually expanding from agricultural supplies into broader trading activities. It listed on the Australian Securities Exchange in 1984, evolving over subsequent decades into a diversified conglomerate with interests in resources, chemicals, energy, fertilisers, industrial and safety products and large‑format retail. Major milestones include the acquisition of the Coles Group in 2007, which significantly reshaped the company’s retail footprint, and the subsequent demerger and separate ASX listing of Coles Group Limited in 2018 to refocus the portfolio. In recent years Wesfarmers has expanded its health and pharmaceutical presence through the acquisition of Australian Pharmaceutical Industries (API) in 2022, and has invested in new growth platforms such as lithium chemicals via its Covalent Lithium joint venture and digital/data‑enabled retail capabilities.
Competitive Advantages
Wesfarmers benefits from a portfolio of market-leading retail brands, notably Bunnings as the dominant home improvement and outdoor living chain in Australia and New Zealand and Kmart as a leading value-focused discount department store, delivering powerful economies of scale in sourcing, logistics and marketing and strong customer loyalty. Its diversified earnings base across consumer retail, healthcare, chemicals, energy, fertilisers, industrial and safety products, and emerging lithium chemicals provides resilience to sector-specific downturns and enables disciplined capital allocation to the most attractive opportunities over time. The group also leverages significant data and digital capabilities, including its advanced retail analytics and OneDigital initiatives, and maintains a conservative balance sheet and investment-grade credit profile that support ongoing reinvestment, bolt-on acquisitions and counter-cyclical investment.
Risk Factors
•Exposure to Australian and New Zealand consumer spending cycles: a significant portion of Wesfarmers’ earnings comes from discretionary and semi-discretionary retail (Bunnings, Kmart, Target, Officeworks), making results sensitive to interest rates, cost-of-living pressures and broader macroeconomic conditions.
•Competitive retail environment and margin pressure: intense competition from domestic and international retailers (including online pure-plays and global home improvement or discount chains) could force price reductions, increased promotional activity and higher investment in customer experience, compressing margins if not offset by productivity gains.
•Execution and integration risk in new growth platforms: the acquisition and integration of Australian Pharmaceutical Industries and the build-out of a health, data/digital (OneDigital) and lithium chemicals portfolio involve operational, regulatory and technology risks, and failure to execute could lead to write-downs or suboptimal returns.
•Regulatory and compliance risk, particularly in health, chemicals and fertilisers: operations in pharmacy distribution, retail pharmacies, chemicals manufacturing, fertilisers and energy are subject to stringent health, safety, environmental and pharmaceutical regulations; changes in regulation or compliance failures could result in fines, licence restrictions or increased operating costs.
•Supply chain and sourcing risk: Wesfarmers’ large retail businesses rely on global supply chains, particularly from Asia, and are exposed to disruptions, freight cost volatility, foreign exchange movements and ethical sourcing requirements that could affect product availability, gross margins and brand reputation.
Recent Developments
Last 6 months
On 20 August 2024 Wesfarmers released its full-year results for the year ended 30 June 2024, reporting revenue growth across its retail divisions, solid performance from Bunnings and Kmart Group, continued turnaround efforts in Target and initial traction in its Health division while also announcing a fully franked final dividend, reflecting strong cash generation and balance sheet strength. During the second half of 2024, the company continued to integrate and expand Australian Pharmaceutical Industries and its Priceline Pharmacy network, rolling out new Wesfarmers Health initiatives and store refurbishments aimed at deeper participation in community pharmacy and broader primary care services. Wesfarmers has also progressed its Covalent Lithium joint venture at the Mount Holland project in Western Australia, with updates indicating continued construction and commissioning activity as it positions to supply battery-grade lithium hydroxide to global EV and energy storage markets. In addition, the group has advanced its OneDigital and data analytics capabilities across its retail businesses, enhancing online channels, loyalty and targeted offers, and has reiterated its focus on disciplined capital allocation, including ongoing investment in store networks and distribution infrastructure across Bunnings, Kmart, Target and Officeworks.
Key People
Leadership team at Wesfarmers
RS
Rob Scott
Managing Director and Chief Executive Officer (CEO)
Rob Scott has been Managing Director and CEO of Wesfarmers since late 2017, having joined the company in 1993 and held senior roles including Managing Director of the Wesfarmers Industrials division and Finance Director of Coles. He has overseen the demerger of Coles, the acquisition of Australian Pharmaceutical Industries and the development of Wesfarmers’ growth platforms in health, data and energy transition, and previously competed as an Olympic rower for Australia.
AG
Anthony Gianotti
Chief Financial Officer (CFO)
Anthony (Tony) Gianotti is Wesfarmers’ Chief Financial Officer and an Executive Director, appointed CFO in 2017 after holding positions including Deputy CFO, Managing Director of Wesfarmers Insurance and leadership roles in the Group’s finance function. He is responsible for group finance, treasury, tax and investor relations, and has played a key role in major portfolio transactions such as the Coles demerger and the acquisition of Australian Pharmaceutical Industries.
Financial Reports
10 reports available
2025 Annual Report (including Appendix 4E)
Annual ResultsAug 28, 2025via asx_announcements
2025 Half-year results briefing presentation
Half Year ResultsFeb 20, 2025via asx_announcements
2025 Half-year results
Half Year ResultsFeb 20, 2025via asx_announcements
2025 Half-year Report incorporating Appendix 4D
Half Year ResultsFeb 20, 2025via asx_announcements
Advance notice - 2025 Half-year results
Half Year ResultsJan 23, 2025via asx_announcements
2024 Annual Report (including Appendix 4E)
Annual ResultsAug 29, 2024via asx_announcements
2024 Half-year results briefing presentation
Half Year ResultsFeb 15, 2024via asx_announcements
2024 Half-year results
Half Year ResultsFeb 15, 2024via asx_announcements
2024 Half-year Report incorporating Appendix 4D
Half Year ResultsFeb 15, 2024via asx_announcements
Advance notice - 2024 Half-year results
Half Year ResultsJan 17, 2024via asx_announcements
