The Reject Shop (TRS) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a quorum present and was held virtually, ensuring equal participation for all attendees via online and telephone platforms.

• Board and executive leadership team introduced, with formal business including financial report, remuneration report, and re-election of a director.

Financial performance review

• Record sales of AUD 852.7 million in FY 2024, up 4.1% from the prior year, despite margin pressures from rising costs and shrinkage.

• Earnings before interest and tax were AUD 13.8 million, with net profit after tax at AUD 4.7 million.

• Gross profit margin improved in the second half of FY 2024 and continued into FY 2025.

• Strong balance sheet with AUD 49.9 million in cash and no drawn debt as of June 2024.

• Approximately 80% of net profit after tax distributed as a AUD 0.10 per share dividend.

Board and executive committee updates

• Board members and executive team introduced, including CEO, COO, CFO, and Company Secretary.

• Margaret Zabel, up for re-election, highlighted for her extensive experience in marketing and leadership roles.