Full Year 2024 Endeavour Group Ltd Earnings Call Transcript
Key Points
- Endeavour Group Ltd (ASX:EDV) reported record sales in both retail and hotel segments for FY24.
- The company achieved record EBIT despite an inflationary environment, driven by gross profit margin expansion and cost optimization.
- Endeavour Group Ltd (ASX:EDV) maintained strong capital discipline and cash generation, enabling the Board to keep the dividend in line with FY23 at 21.8%.
- The company delivered $100 million in savings from its cost optimization program, with a target of $290 million-plus by FY26.
- The My Dan membership program added a quarter of a million active members, with members spending 80% more per transaction than non-members.
- Net profit after tax declined year-on-year, impacted by finance costs of $306 million.
- Operating costs for the One Endeavour program were $45 million, contributing to increased expenses.
- The company's safety performance stepped back in the year, with a commitment to improve in FY25.
- Despite strong sales, the company faced significant inflationary pressures, including award wage increases of over 6%.
- The retail segment experienced softer trading conditions in the second half of FY24, in line with the market.
Thank you, and good morning, everyone. Thanks for joining us today for Endeavour Group's FY24 full year results announcement. I'm Steve Donohue, Managing Director and CEO of Endeavour Group and I'm joined today by our Chief Financial Officer, Kate Beattie.
I'd like to begin today by acknowledging the Gadigal people as the traditional custodians of the land where presenting from today and pay my respects to their elders past, present, and emerging.
As you look forward to slide 6. Turning to the headlines that we cover there, I'm very pleased to report tha FY24 was a year of resilience and execution for the group, showcasing our ability to perform in a challenging trading environment. I'm extremely proud of the efforts of our more than 30,000 team members to consistently execute our strategy and deliver value for customers. Returning in record sales in both our retail and hotel segments.
I'm also proud that we delivered record EBIT in an inflationary environment driven by gross
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