The Warehouse Group (WHS) AGM 2024 summary

Opening remarks and agenda

• The meeting was officially opened with a welcome to shareholders, both in-person and online, and confirmation of a quorum.

• Chair Dame Joan Withers outlined the agenda, including CEO update, strategic reset, board elections, auditor fees, and a Q&A session.

Financial performance review

• FY 2024 was described as one of the most challenging years, with group sales down 6.2% to NZD 3 billion and a net loss after tax of NZD 54.2 million, mainly due to the NZD 60.5 million loss on the sale of Torpedo7.

• Operating profit fell 65.3% to NZD 28.9 million, with cost of doing business down 1.3% in dollar terms but higher as a percentage of sales.

• Gross profit margin held at 33.6%, but margin degradation in H2 was driven by promotions and markdowns.

• Q1 FY 2025 sales declined 2.5% year-on-year, but unit sales increased 6.4% due to lower average prices.

Board and executive committee updates

• John Journee was appointed Interim Group CEO in May, replacing Nick Grayston, and the executive team was streamlined; a permanent CEO search is underway.

• Julia Raue left the board, Tony Carter (Antony Carter) joined and stood for re-election, and Tony Balfour retired after 12 years and will not be replaced.

• Chair Dame Joan Withers confirmed her intention to retire in November 2025, with succession planning underway.