Bunnings announces FY22 results

by | Aug 26, 2022

BunningsBunnings has announced results for the year ended 30 June 2022, reporting record revenue and earnings, with operating revenue increasing 5.2 per cent to $17.75 billion, while earnings increased 0.9 per cent to $2.2 billion.

Across the 2019 to 2022 financial periods, Bunnings’ revenue increased 34.8 per cent or $4.5 billion and earnings, excluding net property contribution, grew by 39.6 per cent or $611 million.

Total store sales increased 4.2 per cent, with store-on-store sales increasing 4.8 per cent and online sales growth of 37 per cent. In the second half, total store sales increased 7.8 per cent.

Despite the elevated level of demand, sales growth was achieved across all major trading regions, according to Bunnings, due to ongoing DIY activity from consumers and also strong demand within the commercial sector.

Bunnings reported that the results were achieved as the big box continued to navigate a challenging environment which included COVID disruptions, high absenteeism and supply chain challenges.

Through these conditions, Bunnings reported that it had continued to execute its strategic agenda at pace, which included transforming digital capabilities and creating new growth opportunities. Further updates were also made to the recently launched consumer website that saw improved search performance and personalisation, as well as enhancements to the Product Finder App.

Bunnings also invested in a new e-commerce platform for commercial customers to make it easier to shop the full range online with PowerPass pricing, as well as giving the option to arrange delivery direct to site. Improved functionality on the PowerPass app led to a 38 per cent increase in app transactions as commercial customers continued to utilise the ‘pay as you go’ feature while shopping instore.

Bunnings’ Managing Director, Mike Schneider said the results were a testament to the team and supplier partners as they tackled yet another challenging year.

“We continue to innovate and expand product ranges and evolve store layouts. We have also invested in technology initiatives aimed at reducing task for team members allowing them to reinvest their time in serving customers.”

“We remain well positioned for a range of market conditions in the year ahead. There is a solid pipeline of building and renovation activity and lots of opportunities as customers continue to maintain, build and improve their homes,” Mr Schneider said.

Bunnings currently has 282 warehouses, 67 smaller format stores and 32 trade centres in the Bunnings network, and 11 Tool Kit Depot stores and 115 Beaumont Tiles stores.