WHS - Warehouse Group

Sideshow Bob · Mar 03, 2025, 09:18 PM

Quote from: LoungeLizard on Mar 03, 2025, 12:07 PMYep, excellent idea. Maybe the Government could buyout WHS and lease the sites at a discount to LIDL etc? Could be worth it if it finally breaks up the supermarket duopoly.
But hang on - that would require the Government to "intervene" in the economy, something the NATS are pathologically against.

Market cap of $357m.

Are they still opposed to Tindall's plans??

winner (n) · Mar 04, 2025, 08:49 AM

In full result preso last Sep they proudly showed that they were sort of holding market share

WHS use Datamine to come up with a market size they call Core Retail (takes out supermerkets, cafes, fuel travel etc) and then calculate their share of that. They do take out their own grocery sales.

Over FY24 average market share was 14.7%

Using Datamine data and estimating what WHS grocery sales are I reckon over the last six months Warehouse Group market share has fallen to about 12%

Jeez 15% to 12% share is some drop ...no wonder things are so bad

Can't entirely blame the economy

Gerald · Mar 21, 2025, 09:47 AM

https://api.nzx.com/public/announcement/448775/attachment/440059/448775-440059.pdf

Speaking of a business fighting back, feels like an half year announcement fighting against itself. Every bad line item is paired with an optimistic ode for the future

"Clearly there's more to do," says Dame Joan.

Basil · Mar 21, 2025, 02:51 PM

Quote from: Gerald on Mar 21, 2025, 09:47 AMhttps://api.nzx.com/public/announcement/448775/attachment/440059/448775-440059.pdf

Speaking of a business fighting back, feels like an half year announcement fighting against itself. Every bad line item is paired with an optimistic ode for the future

"Clearly there's more to do," says Dame Joan.

"The turnaround starts to gain momentum". But later on they say they expect the same EBIT loss for the second half of FY25 as they got for the same period last year, (despite I note, much higher prevailing interest rates and being in the depths of a recession last year). Forgive me Joan, I must be thick, where's the evidence of this turnaround you claim is starting to gain momentum ?

But wait there's more "and building the foundations for long term growth". Hmmmm...can I have a Tui to go with that claim please Joan ? You must be kidding darling, the WHS has been losing market share for years. The main thing is you and all your fellow directors and senior management are still taking full pay for your "wonderfully talented" services...please don't worry about shareholders getting nothing....oh wait. I see you don't and there's no dividend.
https://api.nzx.com/public/announcement/448775/attachment/440060/448775-440060.pdf

Oh well...at least there's a new apparel line of "Kia Kaha" being rolled out so shareholders can buy that, (it would be too much to ask for a free T shirt), and staunchly hold on to the belief that things are going to get better. FY26 will be our year. I am sure the Pascoe family are "absolutely delighted" with how things are going. I see NTA is now 49.9 cps. Arguably, all they're really worth.

winner (n) · Mar 21, 2025, 04:37 PM

Finance guy told analysts the momentum has weakened in March ...

.that's why the H2 guidance didn't change for the better

lorraina · Mar 21, 2025, 05:17 PM

Their real issue is their leases.

Basil · Mar 21, 2025, 05:30 PM

Not sure why they are so keen to reduce prices and margins in a race to the bottom? Doesn't make any sense to me. Nothing wrong with their sales considering the depths of the recession...just too keen to make sales at lower margins and operate at ostensibly a breakeven level.

winner (n) · Mar 21, 2025, 06:31 PM

WHS got about $75m of 'aged' stock so a lot more price reductions to come methinks

winner (n) · Mar 21, 2025, 06:49 PM

Quote from: lorraina on Mar 21, 2025, 05:17 PMTheir real issue is their leases.

Over $130m annual least cost ...over 4% of sales ...no wonder a low margin business
And
Need to sell gears more to support that level of leases

winner (n) · Mar 21, 2025, 06:54 PM

And talk of costs wage bill is nearly 17% of sales ...very high when gross margin is only 31%

Basil · Mar 21, 2025, 09:46 PM

Razor gang desperately needed at head office level. Still, far too many pigs with their snouts in the trough collecting ridiculous salaries while shareholders get nothing.

winner (n) · Mar 22, 2025, 08:13 AM

Journee wax on 1News last night

Laughing and joking saying it's all going to plan

Didn't look too worried .... Joan should tell him to act more circumspect in public.

Waltzing · Mar 22, 2025, 08:46 AM

little electric delivery vans roaming the country side from a warehouse logistics hub out on some highway some where taking stuff to your door...

its all dead... the whole model is doomed...

the EV delivery robot is made in where... who knows... the logistic hub is owned by who? who knowns....

Basil · Mar 22, 2025, 09:15 AM

Quote from: winner (n) on Mar 22, 2025, 08:13 AMJournee wax on 1News last night

Laughing and joking saying it's all going to plan

Didn't look too worried .... Joan should tell him to act more circumspect in public.

I saw that too. Shareholders are just an inconvenience for them. As long as they collect their fat salaries and achieve their ESG objectives, you'd easily be forgiven for thinking they couldn't care less about shareholders.

LoungeLizard · May 08, 2025, 10:22 AM

WHS can boast of sales growth all they like, but that's not their problem - it's declining margins and profits. Gross profit margin of 31% (and falling) is very low. Briscoe's GP margin is over 40%. Briscoe's made 68m last year, WHS an adjustment NPAT of $19m. With margins still falling I can't see that changing too much, regardless of total sales.