Woolworths Group (WOW) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional owners, and outlined meeting procedures and emergency protocols.

• Shareholders could participate both in person and online, with clear instructions for voting and questions.

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

Financial performance review

• FY24 saw normalized group sales rise 3.7%, with Q4 recovery and continued positive momentum into FY25.

• 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.

• Normalized group EBIT increased 1.1%, but NPAT before significant items declined 0.6% due to higher finance and tax costs.

• Group performance fell short of expectations, especially in Big W and New Zealand, but fundamentals remain strong.

Board and executive committee updates

• Amanda Bardwell appointed CEO in September 2023 after a thorough succession process; praised for leadership and retail experience.

• Board endorsed re-election of Maxine Brenner and Philip Chronican, highlighting their contributions and expertise.

• Remuneration for the new CEO set at AUD 2.1 million, reduced from predecessor, with performance-based incentives.

• Launched 'Our Place - We're safer together' safety promise and invested in team benefits.

• Received WGEA citation and platinum AWEI status for workplace achievements.