Woolworths Group (WOW) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a Welcome to Country and acknowledgment of traditional owners, emphasizing reconciliation and community engagement.

• The Chair introduced the board, executive team, and procedural matters, confirming a quorum and outlining voting and question protocols.

• CEO addressed the meeting, emphasizing the company's commitment to delivering value and outlining the agenda for the session.

Financial performance review

• FY24 saw normalized group sales rise 3.7%, with EBIT up 1.1% but NPAT before significant items down 0.6% due to higher finance costs and tax.

• Q1 F25 Group sales reached $18.0b, up 4.5% from Q1 F24.

• Group eCommerce sales grew 21.2% to $2.4b compared to Q1 F24.

• Sales growth slowed in H2 FY24 as inflation moderated and discretionary spending weakened, especially impacting Big W.

• Australian Food sales increased 3.8% to $13.6m year-on-year.

Strategic initiatives and plans

• Investments in digital, e-commerce, supply chain, and adjacent businesses were highlighted as key strengths.

• Enhanced digital tools and expanded Own Brand range, offering 30% average price savings.

• Ongoing strength in eCommerce, with 27.2 million weekly digital visits surpassing in-store transactions.

• Petstock acquisition completed in January 2024 to broaden customer offerings.

• Supply chain automation projects and expansion of adjacent businesses like Petstock and PFD were highlighted.