The Warehouse Group (WHS) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with housekeeping, board and executive team introductions, and acknowledgment of auditors and share registrar.

• Chair Dame Joan Withers and incoming Chair John Journee addressed leadership transitions and outlined the agenda, including CEO update, board elections, auditor fees, and Q&A.

• Agenda included a review of the year, strategy update, financial results, board changes, and formal resolutions.

• Voting procedures and Q&A opportunities for both in-person and online attendees were outlined.

Financial performance review

• FY25 sales held steady at NZD 3.1 billion, with 1.6% reported growth but flat on a 52-week same store basis.

• Gross margin declined by 140 basis points, leading to a net loss of NZD 2.8 million; operating profit was NZD 1.3 million.

• Cost of doing business decreased to 32.2% of sales, and capital expenditure was reduced to NZD 12.4 million.

• No dividend declared for FY25 due to disappointing financial performance.

• Q1 FY26 sales up 0.9% to NZD 674.1 million, but margins remain under pressure.

Board and executive committee updates

• Mark Stirton appointed as Group CEO in August, bringing significant retail and financial experience.

• Dame Joan Withers retiring as Chair in November 2025; John Journee to become Chair.

• Board changes included the retirement of Chair Dame Joan Withers and Director Robbie Tindall, with John Journee succeeding as Chair.

• New directors Hamish Rumbold and Caroline Rainsford stood for re-election.

• Executive team refreshed with new appointments in finance, digital, merchandise, and supply chain.