Wesfarmers (ASX:WES) subsidiary Bunnings' investor briefing focused on increasing productivity through range extension, with the strategy remaining unchanged, according to a Thursday note by Jarden Research.

Management mentioned an opportunity to increase sales per square meter, but delivered no trading update and had minimal financial information, Jarden Research said.

The home improvement chain identified three main opportunities to drive productivity, including new categories in auto, cleaning, pet, and home care, improved range decisions across warehouse sizes, and a strong marketplace.

Jarden Research maintained an underweight rating on Wesfarmers with a price target of AU$67.50.