The Warehouse Group (WHS) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with housekeeping notes and a welcome to both in-person and online attendees, confirming a quorum and outlining the agenda, including financial results, dividend discussion, board elections, auditor fees, and a Q&A session.

Financial performance review

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

• Operating profit fell 65.3% to $28.9 million, and gross profit margin held at 33.6%, but heavy discounting and a shift to lower-margin categories hurt profitability, especially in H2.

• Q1 FY 2025 sales were down 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 search for a permanent CEO is ongoing with a shortlist expected early next year.

• Dame Joan Withers will retire as Chair in November 2025; Tony Balfour retired at this AGM and will not be replaced.

• Antony Carter joined the board in May 2024 and stood for re-election.