Bunnings announces half-year results

by | Feb 20, 2024

Bunnings has announced its half-year results for the six months ending 31 December 2023. The announcement stated earnings increased 3.1 per cent, excluding net property contribution, representing a four-year compound annual growth rate of 8.8 per cent – with operating revenue increasing 1.7 per cent to $9,963 million.

Bunnings also recorded sales growth in both its consumer and commercial customer segments during the half, with an increase in total store and store-on-store sales of 1.9 per cent and 1.2 per cent respectively.

Consumer sales growth was strengthened by ongoing demand for home repair and necessity items across several product categories. This saw store visits, total transactions, and units sold all increase in the prior corresponding period.

As new building starts normalised relative to the recent peak, commercial sales grew during the half, reflecting continued demand from trades and builders as they worked through the pipeline of outstanding work.

Bunnings’ expansion of its product offering, including new and expanded product ranges across pets, cleaning, and outdoor recreation, also performed strongly during the half.

Commenting on the performance, Bunnings Managing Director Mike Schneider said, “We are seeing customers prioritise value more than ever in the current environment which is why we remain absolutely focused on helping them stretch their budgets as far as possible.”

“The expansion of product ranges, like cleaning, pets, and outdoor recreation, has really resonated with our customers and has helped promote higher frequency visits in our stores and attract new shoppers,” he said

Mr Schneider said the Bunnings team has continued to work hard to lower business operating costs and boost productivity during the half, which allowed the hardware giant to continue offering customers everyday value.

“Once again I would like to thank our team and suppliers for their efforts as we continue to focus on providing great-value prices, a wide product range that resonates, and the best service experience across our channels for our customers,” Mr Schneider concluded.