Wesfarmers has had a strong financial year but the recent lockdowns are starting to take a toll, according to Sky News business editor Edward Boyd.
The dip is not just due to lockdowns, but also supply chain issues, as the costs of bringing shipping containers into Australia has risen significantly due to COVID closing some ports.
Wesfarmers – who owns Bunnings, K-Mart, Target, and Officeworks – has not been able to put certain items out for customers due to these issues.
Bunnings is down 4.7 per cent, Officeworks has slid 1.5 per cent, and K-Mart and Target have fallen 14.3 per cent when compared to this time last year.
Wesfarmers profits, however, were up in the recent financial year as they reported a ten per cent revenue increase to $33.9 billion and net profit up 40 per cent to $2.4 billion.