WHS - Warehouse Group

[Sideshow Bob]

Hey the market likes it.....up 3.8% on the news!! 

Albeit off their all-time low of 79c. 

Uninvestable, unshoppable.

Something has got to happen sometime......   

[Basil]

Not so sure about un-shoppable.  Un-investable and in structural systemic decline?, probably.  Basically they're running as a giant chain of Salvation Army stores running as a not for profit charity, plus or minus a few rounding errors on the profit and loss statement lol.  I actually think that's Stephen Tindall's goal now, to be the ultimate Sally's store, tick the huge ESG box and sell heaps of stuff at cost.   I jest, but if you read the essence of their reports you will see they take great pride in selling things to families for as low a cost as possible.   You'd be forgiven for thinking that's their primary goal. We need to shop there and support our worthy charities that keep people employed lol

[Gerald]

Self blurb from Linkedin:

Goal-driven main board member holding the position of Chief Financial Officer. With a proven history of achieving both financial and non-financial business model transformation, he uses his default design and system thinking mindset to navigate change. His extensive experience in managing listed companies spans various disciplines, offering a comprehensive understanding of the various corporate domains. Fluent in public speaking, he speaks confidently to investors and other key stakeholders to positively influence the corporate brand image. His innovative digital skill set and entrepreneurial mindset enables him to craft ingenious solutions that not only unlock new business opportunities but also address critical challenges head-on. His strategic design approach to solving problems empowers him to construct, optimise, and drive the evolution of business processes to unlock trapped value lying dormant within organisations. Passionate about the intersection of people, process and technology, he sees a world of work augmented by the convergence of these key areas of effective corporate execution. He leads teams with strength and compassion, building trust through open and frequent communication.


Sounds like they have been using him to write those powerful market announcements.

[Dolcile]

Wow that's bad. What a load of gobbledegook

[Basil]

Great they are promoting the CFO who has been in charge of finances while all previous fiasco's played out.  That's just like promoting the train driver who crashed the train to chief safety officer of the railway.  What could possibly go wrong lol

[LaserEyeKiwi]

Great they are promoting the CFO who has been in charge of finances while all previous fiasco's played out.  That's just like promoting the train driver who crashed the train to chief safety officer of the railway.  What could possibly go wrong lol

Incorrect Basil - As per today's announcement he joined WHS in April last year, just before previous management was dumped. In fact it may have been the case that he played a part in ringing the alarm bell given the timing.

"Mark Stirton joined TWG as Chief Financial Officer in April 2024 and has played a fundamental role in assisting the Interim Group Chief Executive Officer, John Journee in making the necessary changes to strengthen the Group's performance."

[Basil]

Opps, my bad.  Maybe there is hope he can turn this ship around but that's a punt I am happy to leave to others.  The word seems to be that WHS is getting booted out of the NZX50 on 20 June.

[winner (n)]

Fancy getting an accountant to be CEO ...accountants never make good retailers ...it's basically not in their makeup

Been in NZ for a year now so no doubt has a deep understanding of the NZ retail scene.

Worse decision by a company since one thought an accountant could run a retirement and care business

[Turkey]

Worse decision by a company since one thought an accountant could run a retirement and care business

Scott Scoullar

Chief Executive Officer Summerset | CA, FCPA, BCA


Putting the CA into care?

A bit tongue in cheek there winner...pretty sure you referencing OCA

[Basil]

"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.

Closed at all time low of 78 cents as it slipped out of the NZX50 yesterday.  WHS is riddled with problems and in systemic decline.  I remain of the view it's un-investable.  I read in the paper a while back that after virtually destroying the company and burning through over $100m of shareholders funds on failed concepts, Nick Grayston has sold his multimillion dollar Remuera home and left the country.  Where's the accountability at the board level for appointing him ?
The board are absolute Muppets.

[Red Baron]

Fancy getting an accountant to be CEO ...accountants never make good retailers ...it's basically not in their makeup

Yes yes, but as you vell know.   Accountants are excellent at dealing vith receiverships!

RB

[LaserEyeKiwi]

Closed at all time low of 78 cents as it slipped out of the NZX50 yesterday.  WHS is riddled with problems and in systemic decline.  I remain of the view it's un-investable.  I read in the paper a while back that after virtually destroying the company and burning through over $100m of shareholders funds on failed concepts, Nick Grayston has sold his multimillion dollar Remuera home and left the country.  Where's the accountability at the board level for appointing him ?
The board are absolute Muppets.

Board chairman is stepping down

[Basil]

Board chairman is stepping down

The woke culture runs so deep it won't make any difference.

[Gerald]

Fresh Warehouse downgrade (or not?), always a goldmine.

https://www.nzx.com/announcements/454277

"the cold has set in"

"sales momentum has returned...encouraging progress"

[Gerald]

Dame Joan is off to greener pastures.

https://www.nzx.com/announcements/456007

" It has been an extremely difficult last few years and I am deeply saddened that shareholders have been profoundly impacted as we have navigated the wider economic environment and had to pivot away from some of the strategic choices that the Group embarked upon. "

New chair has been a director for 12 years, CEO for 1 and director of "TheMarket" for 5 years. Seems like a great culture of accountability?