Wesfarmers bosses have vowed to focus on delivering returns to shareholders after the company's disastrous foray into the UK hardware market.
The retail giant announced last month it will exit the UK after burning through almost $1.5 billion in two years on hardware chain Homebase, which it bought for $705 million in 2016 to convert into Bunnings stores.
Wesfarmers new managing director, Rob Scott, who took on the role last November, said the company would focus on organic growth rather than acquiring new businesses.
"When it comes to allocating big licks of capital, particularly in new businesses, new acquisitions, what I'm reinforcing is that that's not the main game, right, it's the icing on the cake," he told investors in Sydney.
"We will explore it if we feel it delivers superior returns to our shareholders, if not we will return the capital."
Bunnings managing director Michael Schneider said the Homebase result was very disappointing and he was focused on generating growth in Australia and New Zealand.
"In going forward that will be 100 per cent of my focus," he said.
Mr Schneider said Bunnings would accelerate its digital capabilities, having already made special-order products, such as lighting, sheds and plants, available to buy online.
He said the company would eventually move to a click-and-collect option for customers.
"There is no doubt in my mind that that is where we will end up," Mr Schneider said.
He said the company would focus on boosting the seasonality of its product offering across different stores and positioning itself to help people incorporate smart technologies into their homes.
Wesfarmers chief financial officer Anthony Gianotti said the cash generation capacity of Wesfarmers' remaining businesses after the divestment of Coles remained strong so the company should be able maintain current dividend payout ratio.
Wesfarmers shares were 2.6 per cent higher at $46.855 at 1357 AEST.
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