Bunnings announces half year results

by | Feb 15, 2023

Bunnings announced half year results for the six months ending 31 December 2022 during February this year, revealing a strong performance.

According to the results, operating revenue increased 6.3 per cent to $9,792 million with earnings increasing 2.1 per cent to $1,243 million, excluding net property contribution. As the business cycled exceptional growth over the last three years with first half earnings having grown by $340 million, or 36 per cent, over the three years since the first half of the financial year 2020.

Sales growth was recorded across all major trading regions, which was supported by strong growth from commercial customers and resilient consumer demand as people continue to undertake DIY projects and update their homes. In response to consumer customer needs, Bunnings continued to evolve product categories, roll out new ranges, and expand the addressable market. Overall, foot traffic increased in stores with customers’ shopping patterns normalising following COVID.

Bunnings also progressed the ‘Whole of Build’ commercial strategy, continuing to support the consistent demand being seen by builder customers with a solid pipeline of activity ahead. This commercial offer was strengthened through the continued roll out of Tool Kit Depot stores – an expansion of Frame and Truss sites –as well as leveraging of the Beaumont Tiles brand.

During the half year, Bunnings continued to focus on delivering value to customers with investments in price and ongoing focus on productivity initiatives.

“We are always focussed on driving growth, but it is more important than ever that we continue to deliver value for customers facing the cost of living pressures,” said Mike Schneider, Bunnings Managing Director.

“We know that people are still spending more time at home during the week, which ultimately means more wear and tear, and more reason to make your space comfortable. We are committed to helping our customers by delivering more value whether they are shopping with us in-store or online.”

“We continue to enhance our digital capabilities to make it even easier for customers on their shopping journey, and ensure we have the right product in the right place at the right time.”

“I would like to thank our team and our suppliers for their efforts and the role they have played in delivering these results. Their ability to adapt to changing trading conditions and support the level of growth we have seen, particularly over the last three years, is impressive,” Mr Schneider concluded.