WHS - Warehouse Group

[Bobdn]

Well, at least those people that didn't get their full allocation at the IPO have a chance to buy more shares at a similar price.

If any are still alive.

[winner69]

Costco is in a different league and in a different market segment altogether to Warehouse imo.

The competitors eating Warehouse's lunch are K-Mart, Temu, Panda Mart and soon to start in NZ, Ikea.

As for Noel Leeming, another disaster in the making.

Noel Leeming sales DOWN 9% Feb/Apr v pcp

JB Hi Fi NZ sales UP 18% Jan/Mar ….includes a few new stores

Guess whose winning in this sector?

[Valuegrowth]

Noel Leeming sales DOWN 9% Feb/Apr v pcp

JB Hi Fi NZ sales UP 18% Jan/Mar ….includes a few new stores

Guess whose winning in this sector?

I bought a laptop from them. IMO time to time they also can have a lean period.

[Greekwatchdog]

CEO has gone effective immediately.

The Warehouse Group (TWG) today announced that Nick Grayston will step down from his role as Group Chief Executive Officer, effective immediately.

TWG Chair Joan Withers said "Since 2016, Nick has led TWG through a period of significant change in the retail industry and I want to thank him for his commitment and contribution. His focus on sustainability, adopting Agile ways of working, navigating the challenges of Covid and initiating the significant and successful programme of critical infrastructure upgrades have been hallmarks of transformation of The Warehouse Group in the last five years."

"However, as we look to the future, we have agreed a change in direction is necessary for the Company and that it needs fresh energy to execute."

John Journee will take up the role of Interim CEO on 20 May 2024, while the Board undertakes a search for a new CEO. The Board has determined that, upon taking up his new role, John will cease to be an independent director but will continue as an executive director of TWG.

"John spent 15 years at TWG across a range of roles, including as CEO of Noel Leeming, and has been on the TWG Board since 2013. His experience and familiarity with TWG will be invaluable as we navigate this transition and begin our search for a new permanent CEO," says Mrs Withers.

Nick Grayston said it has been a privilege to lead The Warehouse Group and work alongside such a dedicated team.

"Leading The Warehouse Group has been one of the most rewarding experiences of my career. While it is the right time for me to step aside, I have every confidence in the talented team at The Warehouse Group to drive the business forward and I wish them the very best."

Mrs Withers said the Board and Executive team were committed to supporting the 10,000-strong team at The Warehouse Group in delivering value to shareholders and customers and getting the Group's strategic and financial performance back on track.

"Our team members, customers, shareholders and all Kiwi families are our inspiration and motivation as we focus on improving the performance of the core business. This transition marks a new chapter for TWG as we address our current challenges and seize the opportunities that lie ahead."

[Perky]

Xxxx…deleted same message as above

[0verdose]

Three years too late but some welcomed news.

[samjaynz]

Some time ago I worked for "the group" in a management-level role for one of the sub-businesses. I remember when Grayston came along, saying to my boss that he wouldn't be up to much, and I remember being told to watch what I say. Might have to dig old boss' number out of my phone and send him a last laugh message.

[Grimy]

"Leading The Warehouse Group has been one of the most rewarding experiences of my career."
I'm glad someone has had some rewards....
"Our team members, customers, shareholders and all Kiwi families are our inspiration and motivation."
It didn't/doesn't really show....
I was in a Warehouse this morning. As depressing as usual. And the $5 eggs have gone up to $6.
Yesterday I was looking at a new heater. $179 at Noel Leeming. Mitre 10 (who aren't exactly known for being the cheapest) $139 for the same model, with a club special of $115. NL do a price match, but it's just not worth the effort.
Looking at some other stuff and they have priced themselves out of the market. It's as though they don't want customers-in which case, they're succeeding.
I hope the new guy/gal can get them back to where they were 10 years ago-when there was some energy and vibe (sorry, dislike that term) to the business. It just seems to have been grinding to a near standstill over the past 5 years or so.

[nztx]

This about says it:

Mrs Withers said the Board and Executive team were committed to supporting the 10,000-strong team at The Warehouse Group in delivering value to shareholders and customers and getting the Group's strategic and financial performance back on track.

but it wont be an easy fix with more large sharks having entered the pool and hard at work carving out their own existences

I wonder if this was not instead a case of being pushed out ?


The board has some talent which has a fairly lengthy track records on their scorecards, so wouldn't be blind to the trajectory they have been seeing of recent times, especially since Foodstuffs divested their holding..


A fair few heads onboard across the WHS - all dependent on it for their survival .. would never have thought the headcount would be as high as 10,000

Wonder what the head counts at say Bunnings, Mitre 10 or Costco are like ?

[Entrep]

Should have happened long ago. Perhaps now WHS will be investable.

[x] TheMarket - closed
[x] Torperdo7 - sold
[x] CEO - gone

Although you have to wonder about the capabilities of the board letting him hang around so long... and also taking so darn long to close TheMarket!