Wesfarmers stock faces softer Bunnings sales after AGM update

Wesfarmers' annual general meeting on Thursday, October 29, highlighted a more cautious retail backdrop as Bunnings sales growth moderated after a strong start to fiscal 2027. The Nightly reported that chief executive Rob Scott linked the softer trading environment to inflation, cost-of-living pressure and higher interest rates.

Wesfarmers stock traded at 48.18 euros on Lang & Schwarz at 15:29 CET on Friday, October 30, 2026, 3.02 percent below the 49.68-euro quote in the company's October 27 report. The real-time quote of Wesfarmers stock reflects the current euro quotation.

Bunnings momentum loses pace

The Nightly said lower sales in seasonal categories and the commercial segment weighed on Bunnings after the division began the quarter strongly. Scott cautioned against drawing a broad conclusion from only a few weeks of trading and said some customers could be delaying purchases ahead of November's Black Friday promotions.

Kmart and Officeworks trading was broadly in line with the second half of fiscal 2026, while Wesfarmers' chemicals, energy and fertilisers division was positioned for a strong first half. Higher ammonia prices, volume expansion and improved spodumene prices from the Covalent joint venture supported that outlook, according to the report.

Acquisitions remain selective

Scott said Wesfarmers' business development team is examining companies under pressure from rising borrowing costs and a tougher economy. He described the approach as cautious and disciplined because the group already sees growth opportunities across retail, lithium and chemicals.

The acquisition comments point to optionality rather than a change in capital-allocation policy. For investors, the combination of a diversified portfolio and a softer retail update leaves near-term consumer demand as the key operating variable, while the lithium hydroxide refinery continues its ramp-up and engineering work to address odour-related issues.

Leadership change adds continuity

Michael Chaney chaired his final Wesfarmers meeting after 11 years in the role. Ken MacKenzie, the former Amcor chief and immediate past BHP chair, succeeded him when the meeting concluded.

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Find more news and analyses on Wesfarmers stock as Bunnings, lithium and the acquisition pipeline develop.