vious year.  While the escalating costs of doing business, competition from global online retailers, changing consumer spending, and crime are all affecting profitability for many retailers, some companies have major internal issues to explain to their investors. Directors and CEOs at Myer, Woolworths, KMD Brands and Domino’s Pizza Enterprises are likely to be particularly uncomfortable at their AGMs after significant profit reverses. The second AGM for Myer executive chair Olivia Wirth would not be expected to be as cosy as her 2024 debut in the dual board and executive role assumed in May of that year. The optimism of shareholders for the merger of Myer and Premier Retail apparel brands has evaporated, with the share price dropping from A$1.27 apiece on December 27 last year to just 45.5 cents last week. Media reports speculated that Solomon Lew’s 3 per cent Myer scrip purchase just a fortnight after the release of dismal financial results for FY25 suggested an appetite for a bargain. In fact, the acquisition was just as likely an attempt to put a floor under the lowest price Myer shares had fetched in a year and to moderate analyst scrutiny of last January’s merger deal, which was good for Lew and Premier Investments shareholders but clearly not so beneficial to Myer investors. Wirth will have to find some polish for a A$211.2 million statutory net loss in the financial year, compared with a feeble but at least black ink A$41.5 million profit in the previous year, along with flat sales growth before adding in the Premier contribution. There will be explanations about integrating the Premier apparel brands, retail theft, problems with commissioning a distribution centre and a challenging market, but Wirth has yet to secure investor confidence for her strategy and a revamped management team. Woolworths CEO Amanda Bardwell doesn’t have to dig out of as big a hole as Wirth at Myer, but she also will have some explaining to do at the company’s AGM on October 30. Woolworths, in effect, reported a A$400 million drop in net earnings for FY25, which masks a potential provision of up to A$650 million for underpayments to staff, that will now hit the bottom line in the current year after a Federal Court judgement handed down last month. Woolworths has reported that higher financial costs, margin squeeze, the closure of MyDeal and the continuing poor performance of Big W, along with rectification measures for the underpayments, have reduced the company’s bottom-line result. Woolworths suffered a 17 per cent fall in net earnings, to A$1.39 billion, for the year, with the Australian supermarket reporting a 10.5% decline in earnings before interest and tax and a 120 per cent drop in EBIT for the Big W/Petstock division that ballooned the FY24 loss of A$29 million to A$63 million for FY25. Domino’s Pizza Enterprises CEO Mark van Dyck is possibly no stranger to challenges, following an investor dispute in 2024 and franchisee dissatisfaction with system support and low-price promotions eroding margins. However, he will need to explain to already disgruntled shareholders and franchisees a A$3.7 million loss in the latest financial year, compared with A$120 million profit in the previous period, both amounts generated from annual sales of around A$4.2 billion. No doubt, van Dyck is following the incoming CEO playbook of cleaning house in the first year in office after he assumed the role when Don Meij retired in November 2024 after 22 years at the helm. Van Dyck has already taken action to stem losses in the Japanese market, installing a new CEO for Japan along with a new head for the European store network and will no doubt detail initiatives to improve franchisee returns and grow overall system sales to satiate investors. KMD Brands’ Brent Scrimshaw may also be using that CEO playbook after his appointment in October last year. Scrimshaw will face his first AGM for the lifestyle retailer on November 19 and will have to explain a NZ$93.6 million loss, more than double the NZ$48.3 million loss reported in FY24. The explanation will include a NZ$45.4 million intangible assets provision for the Oboz business and declining EBT results for Kathmandu and Oboz amid volatile and competitive promotional pricing in global markets. KMD Brands achieved a 1 per cent lift in annual sales in the latest period, but costs of doing business, structural adjustments in the business and market share protection through price cutting all took a toll on earnings. Another newbie CEO and managing director, Jayne Hrdlicka, will no doubt be introduced at the Endeavour Group’s AGM on November 17, but the reporting to shareholders will be presented by current executive chair, Ari Mervis. Mervis may have to answer some probing questions on the fractious board and executive relationships that have plagued Endeavour Group since it was divested by Woolworths Group. Mervis will also need to explain flat sales growth, albeit $12.1 billion in FY25, achieved in a market where consumer tastes are changing sharply, and a near 16 per cent drop in net earnings, to A$426 million. The fall in EBIT for the retail division of Endeavour Drinks fell by 17 per cent in the latest financial year with a lower contribution to net earnings for the company from the Dan Murphy’s and BWS chains. After leaving Virgin Australia, Hrdlicka, who has had experience as a consultant to Endeavour Group in the past, won’t officially take up her CEO role until January. Leah Weckert, Coles CEO, won’t have the same level of shareholder concerns as her counterpart at Woolworths, but will likely also have to explain a potential A$250 million provision for underpayments to staff and a 3.5 per cent fall in group net earnings, to A$1.1 billion. Weckert will report to shareholders at the Coles AGM on November 11 that sales and earnings before interest and tax increased for the supermarket divisions, but sales and EBIT for the liquor division were lower, resulting in the reduced net profit. While not having to report to Australian shareholders on the financial performance of the Country Road Group, former British department store executive Steven Cook will be outlining strategies to get South Africa’s Woolworths Holdings subsidiary back on track. Cook was appointed in July of this year following sexual harassment allegations involving the former CEO, but Country Road was also floundering financially, with annual sales down 4.5 per cent and losses topping A$164 million for the 2024 financial year. The Super Retail Group AGM may also generate shareholder questions on the termination of Group MD and CEO Anthony Heraghty because of a relationship with the company’s former HR Manager. David Burns, the Chief Financial Officer at Super Retail Group, has been appointed Interim CEO and will at least be able to cheer shareholders this Thursday, with a 4.5 per cent increase in sales to A$4.1 billion, albeit with an 8 per cent fall in statutory net earnings, to A$222 million. An interesting and potentially lively AGM season ahead, with perhaps a little humble pie served with refreshments.