2023 Full-year results
Catch performance overview
•
Reported loss of $163m, including restructuring costs of
$40m relating to inventory provisions, redundancies and
asset write-offs
-
Disappointing financial performance, impacted by poor
range expansion choices and execution challenges
2H23 performance indicates some progress from
restructuring activities commenced in December 2022:
-
-
-
-
Loss reduced from $75m in 1H23 to $48m in 2H23,
excluding restructuring costs
Exited unprofitable ranges, with c.35% reduction in SKU
count in the in-stock business during the half
- >50% reduction in inventory balances during the year
Improvements in fulfilment efficiency
○ Significant reduction in labour costs per unit
。 Significantly reduced average days to despatch
resulting in improved NPS4
Improved marketing spend efficiency
Lower employee costs from reduced headcount
Continued to invest in building fulfilment capabilities,
including 'Fulfilled by Catch' proposition with Kmart
Revenue
EBITDA
Year ended 30 June 1,2
($m)
Var
2023
2022
(%)
Gross transaction value
733
989
(25.9)
354
510
(30.6)
(133)
(58)
n.m.
EBT3
(163)
(88)
n.m.
Restructuring costs
(40)
n.m.
EBT³ (excluding
restructuring costs)
(123)
(88)
n.m.
Safety (R12, TRIFR)
4.7
2.1
Scope 1 and 2 market-
based emissions (ktCO2e)
2.8
3.0
•
Catch is expected to remain loss-making in FY24, with
losses continuing to reduce relative to 2H23
1. Refer to slide 63 for relevant retail calendars and slide 64 for relevant definitions.
2. Includes intercompany transactions with OnePass.
3. Includes amortisation expenses of $4m in 2023 and $11m in 2022 relating to assets recognised as part of Wesfarmers' acquisition of Catch.
4. Net promoter score.
2023 Full-year results | 54View entire presentation