Stocktake Australian Consumer Primer for 11 June 2026 – Wesfarmers, Sigma/Boots, Kepler data

研报英文原文证据摘录

Stocktake Australian Consumer Primer for 11 June 2026 – Wesfarmers, Sigma/Boots, Kepler data

J P M O R G A N Asia Pacific Equity Research

11 June 2026

Stocktake

Australian Consumer Primer for 11 June 2026 –

Wesfarmers, Sigma/Boots, Kepler data

ACKey themes we are exploring today: AustralianBryan RaymondConsumer Sector

(61-2) 9003-6750

• Wesfarmers investor day looks through short-term noise towards longer- bryan.raymond@jpmorgan.com

term opportunities. A clear focus across the retail divisions on AI and Agentic Christina Kim

(61-2) 9003-7082

Commerce places Wesfarmers amongst the leading retailers in Australia, in christina.kim@jpmorgan.com

terms of integrating AI into the front and back end of the businesses, in our J.P. Morgan Securities Australia Limited

view. Kmart is generating sales of ~$4.2bn in the home and living category,

~12% market share, and ~36% of Kmart Group’s sales mix. In many stores we

expect this category is over-trading, with physical space constraints limiting

the opportunity in furniture in particular. This strong category growth gives

management confidence to begin rolling out K-home, which we see as a natural

extension with less cannibalisation given this will be in large format centres,

distinct from Kmart’s shopping centre footprint. Kmart’s lofty growth

ambitions (doubling sales and earnings in 5-10 years vs. JPMe 36% and 57%

over ten years to FY35 respectively), while not a target, does focus

management on the longer-term growth opportunities: 1) organic growth in

existing addressable markets in ANZ; 2) new store formats; 3) new store

concepts (K-home); 4) digital share gains (1P, 3P marketplace, retail media);

5) supply chain investment (CFC and Next-Gen), which drives availability and

higher margins; and 6) Anko Global.