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Highlights
- Shares of Wesfarmers were trading in the green zone today (2 November 2022).
- Wesfarmers posted total revenue of AU$36.8 billion during FY22.
- In 1H22, COVID-19 restrictions impacted the company’s 34,000 store trading days.
Shares of Wesfarmers Limited (ASX:WES) were spotted trading in the green on Wednesday (2 November 2022). The diversified retail and industrial activities company’s share price traded up 0.216% on ASX, at AU$46.190 at 10:48 AM AEDT.
The share price of Wesfarmers increased by 3.14% over the previous five days, while falling by 5.60% over the last six months. Wesfarmers' shares are down 20.75% in the past year and 23.08% on a YTD basis (10:48 AM AEDT).
The benchmark S&P/ASX 200 Consumer Staples sector also traded in the green today, rising 0.314% to 12494.8 points.
A sneak peek at Wesfarmers’ AGM
On 27 October 2022, the Australian conglomerate released insights from its 41st annual general meeting. According to the company, FY22 was full of uncertainty and challenge due to the COVID-19 pandemic.
As per the board, the company experienced a number of setbacks, including lockdowns imposed by the government, absenteeism, a lack of skilled workers, and blockages in its supply chains.
How did Wesfarmers perform in FY22?
Wesfarmers’ reported a statutory net profit after tax (NPAT) of AU$2,352 million in its FY22 full-year results, which were released on ASX on August 26, 2022. The company's NPAT decreased by 2.9% in the first half of FY22 but rose 13.1% in the second half after excluding significant items. The Australian conglomerate generated total revenue of AU$36.8 billion during FY22 alongside making AU$4.2 billion cash distributions to its shareholders.
Wesfarmers was able to pay a final fully franked dividend of $1.00 per share, bringing the total fully franked ordinary dividends for the year to $1.80 per share, an increase of 1.1% over the previous year, thanks to the favourable second-half results.
The company's 34,000 store trade days were hit during the first half of FY22, when COVID-19 impacts were rather significant, along with an expenditure of nearly AU$80 million for COVID-related costs. Wesfarmers experienced a divisional EBT loss of 13.6% during this time, and group NPAT decreased to AU$1,213 million as a result.
However, the company's divisional EBT climbed by 11% in the 2H22 compared to the second half of FY21, and the group NPAT increased by 13.1% to AU$1,139 million.
Talking about the full-year 2022 results, Rob Scott, Managing Director, Wesfarmers Limited, said:
Image Source: © 2022 Kalkine Media®
Data Source: Company announcement dated 26 August 2022
