Myer (MYR) AGM 2024 summary

Opening remarks and agenda

• Meeting commenced with safety instructions and a welcome from the Executive Chair, acknowledging traditional land custodians and outlining an interactive format for shareholder participation.

• Executive Chair Olivia Wirth delivered the opening address, outlining the agenda and formal business items, including shareholder questions and key resolutions.

• Board members, executive team, auditors, solicitors, and share registry representatives were introduced, and the meeting was formally declared open with a quorum present.

• Agenda included a review of financial performance, updates on strategic initiatives, director elections, and voting procedures.

Financial performance review

• Total sales decreased by 2.9% to $3,266m, while comparable sales grew by 0.4% over FY23.

• Net profit after tax fell 26% to $52.6m; net cash position declined by $6m to $114m.

• Online sales rose 2% to $704m, now 21.6% of total sales.

• Fully franked dividends totaling AUD 0.035 per share were declared for FY 2024.

• Black Friday trading was encouraging, and in-store satisfaction reached a record 85%.

Board and executive committee updates

• Olivia Wirth became Executive Chair in June 2024, with Gary Weiss appointed as Deputy Chair and Lead Independent Director to enhance governance.

• Solomon Lew to join the Board as a non-executive director post-transaction.

• Board and management to be augmented with Apparel Brands' executive team, including Teresa Rendo.

• Dave Whittle retired from the board, and Terry McCartney and Rob Perry stood for re-election and election, respectively.