Wesfarmers annual profit rises 7.4% as lockdowns boost online sales

(Reuters) - Australia's Wesfarmers Ltd WES.AX on Thursday reported a 7.4% rise in annual profit as online sales surged at its hardware and stationery chains during coronavirus lockdowns, offsetting a subdued performance at its discount department stores.

Excluding one-time charges, the retail-to-chemicals conglomerate reported a net profit after tax from continuing operations of A$2.08 billion ($1.50 billion) for the full year ended June 30, compared with A$1.94 billion a year earlier.

The figure was higher than an estimate of A$2 billion, according to analysts polled by Refinitiv.

Revenue from continuing operations for the year rose 10.5% to A$30.85 billion.

Reporting by Anushka Trivedi in Bengaluru; Editing by Devika Syamnath