Wesfarmers (ASX:WES) has declared a final dividend of 103 AU cents per share for this financial year, as opposed to the earlier figure of 191 cents.

The company anticipates the launch of its lithium business, with the commencement of production and sale of spodumene concentrate slated for financial year 2024.

Factors such as escalated inflation and higher interest rates is predicted to continue impacting demand in certain sections of the Australian economy.

Wesfarmers (ASX:WES) also expects steady sales growth for Kmart Group for the first seven weeks of 2024.

However, the cost pressure in Australia and New Zealand continue to be a concern.

The bunnings' sales for the first seven weeks of the 2024 financial year is expected to align with the second half of the 2023 financial year.

OfficeWorks' sales for the first seven weeks were reportedly in tune with the previous year.

Wesfarmers (ASX:WES) is focusing on its lithium business, with first earnings expected in the second half of the 2024 fiscal year, post the completion of the construction at Mt Holland lithium mine and concentrator.

In terms of expenditure, the company estimates a net capital expenditure between A$1,100 million and A$1,400 million for the 2024 financial year.

Trading performance at Target is expected to remain steady in H1 of 2024, similar to trends observed in H2 of 2023.

Furthermore, Wesfarmers (ASX:WES) predicts that WesCEF’s share of sales volumes for 2024 might be 50 kilotonnes based on the assumed lithium oxide grade of 5.5 per cent.

On a side note, the concentrator’s commissioning is underway ahead of the first expected earnings from the project in the first half of 2024.

Wesfarmers is a prominent retail conglomerate headquartered in Australia, it operates various retail chains and has diverse business interests, including in lithium mining.