WHS - Warehouse Group

[Basil]

Shareholders can relax though because although they feel the pain with no final dividend, Nick was severely punished for wasting well north of $100m of his stupid idea of the market.com and his total remuneration package for 2024 was well down on last year....OH hang on a minute, WTF, surely not...it was well up on the previous year, see page 82
https://api.nzx.com/public/announcement/438870/attachment/428103/438870-428103.pdf
Total compensation for 2024 was $4.22m up from $2.8m last year !  It looks like they had to pay him, if I am reading between the lines here correctly, an extra $2.176m to get rid of him.  What a complete fiasco...just as well we can rely on Tony Carter and Joan Withers on the board to initiate the changes necessary going forward (sarcasm).

[winner (n)]

Jeez Basil, thevJoan and Tony show to save them .....no sarcasm intended lol

You prob find a relevant YouTube clip?

[Basil]

As requested lol
Joan and Tony thrashing Nick and trying to start the WHS up again...I'll count to three ROFL
https://www.youtube.com/watch?v=_n77eoOfRPE

[entrep]

The Normans blocked the Tindall takeover bid right?

[Basil]

The Normans blocked the Tindall takeover bid right?

Yes.

[Popeye]

Reading through the comments by Journee, I was struck by the admissions of folly which were all being discussed with great gusto on ST 2-3 years ago ... in particular the need to put the kibosh on the market and torpedoe7.  The fact they were in denial for several years before finally taking action shows the group think and denial that can take hold in a corporate.  You can bet there would have been voices internally questioning why they werent attempting to turn the Titanic around, but not at the seniority needed.  You have to question what the board were up to, it is up to them to annoint/challenge the strategy preented by the CEO. 

[winner (n)]

Reading through the comments by Journee, I was struck by the admissions of folly which were all being discussed with great gusto on ST 2-3 years ago ... in particular the need to put the kibosh on the market and torpedoe7.  The fact they were in denial for several years before finally taking action shows the group think and denial that can take hold in a corporate.  You can bet there would have been voices internally questioning why they werent attempting to turn the Titanic around, but not at the seniority needed.  You have to question what the board were up to, it is up to them to annoint/challenge the strategy preented by the CEO. 

And Journee has been a Director throughout that period...so was party to the strategy eh

[Popeye]

And Journee has been a Director throughout that period...so was party to the strategy eh

I did not realise that.  I could sort of forgive him if he was giving the feedback to his CEO that the strategy was bad and needed open heart surgery, and getting ignored (it happens within a hierarchy), but as a director there would be no excuse not to let loose wit what you think. 

I have been there when my advice was ignored up the line, but I consoled myself that at least I had argued my side and not just been a nodding head...

[Basil]

Reading through the comments by Journee, I was struck by the admissions of folly which were all being discussed with great gusto on ST 2-3 years ago ... in particular the need to put the kibosh on the market and torpedoe7.  The fact they were in denial for several years before finally taking action shows the group think and denial that can take hold in a corporate.  You can bet there would have been voices internally questioning why they werent attempting to turn the Titanic around, but not at the seniority needed.  You have to question what the board were up to, it is up to them to annoint/challenge the strategy preented by the CEO. 

Well said.  Its one thing to own up and say we were incredibly dumb and couldn't see the wood for the trees but people like Tony Carter who presided over years of mediocrity and fiascos at Fletcher's need to be held accountable.  Just get on with it and say, we stuffed up, its unacceptable, fall on your sword and give people with fresh idea's a go.  The fact this weak, directionless and incompetent board are all staying on speaks for itself in terms of whether this is even worth considering as an investment.  The truth is the current board ran out of idea's many, many years ago.

[Popeye]

Well said.  Its one thing to own up and say we were incredibly dumb and couldn't see the wood for the trees but people like Tony Carter who presided over years of mediocrity and fiascos at Fletcher's need to be held accountable.  Just get on with it and say, we stuffed up, its unacceptable, fall on your sword and give people with fresh idea's a go.  The fact this weak, directionless and incompetent board are all staying on speaks for itself in terms of whether this is even worth considering as an investment.  The truth is the current board ran out of idea's many, many years ago.

They do have a good portfolio of sites, they just need someone like Rod Duke (a competent retailer who never rests on his laurels or has rushes of blood to the head, and watches every dollar).  They had ideas beyond their station and took their eye of the ball big time, and were not restrained or corrected by the Board until the damage had been done.  Tony Carter is no fool, but you cannot deny that he was part of a Board that gave Grayston way too much rope, which has cost shareholders dearly.  What is the point of such a Board?  On the evidence of their (in)competence they deserve to be sent packing, they have presided over a slow moving train crash obvious to everyone but them!

[winner (n)]

Red Sheds FY25 sales down 5.3%

Food category sales were up ~30% meaning 'core'/'traditional' sales were down ~14%

Journeee says they stuffed up ......yes John big time ....incompetent some might say

Now Journee raving on about learning from competitors and then "...incorporating those things and "hopefully with a twist that's a bit more authentically Kiwi and resonates a bit more"."

And apparently Journee's focus is on "getting back to retail fundamentals that focus on the category strategy and what customers want". He said customers were missing the "newness, the excitement, the on-trend products" that don't normally turn up in the so-called "continuity range".

And believe it or not the customers are "responding to our offer and coming back. That's improving, so we are winning that," he said.

I  think Journee's dreaming ......once a business sinks to the depths of despair like the Red Sheds they are unlikely to recover and if they do it's a long painful process.

Note: quotes from Business Desk article

[Shareguy]

Both Craig's and FB are in agreement in notes out today

Underperform IE SELL. Both with tp below current sp.

Craigs say

No guidance was provided for FY25, however WHS commented that sales and gross margin have remained under pressure through the first 6-weeks of trading. Despite claiming to have regained some market share in early FY25, there are very few signs to suggest improved performance across the Group.

[entrep]

Hi shareguy, what do Craigs say about SPK?