I would now like to turn the conference over to Clinton Cahn, CEO of The Reject Shop. Please go ahead. Thank you, Rachel, and good morning, everyone. I'm Clinton Cahn, The Reject Shop's CEO, and it's my pleasure to welcome you to our 2024 full year results conference call. Joining me on the call is Amy Eshuys, our Chief Operating Officer, who will join me in answering questions during the Q&A section of this call. I'll start by walking you through the company's FY 2024 results, which are summarized on slides three and four. We've again presented our financial results on both a pre and post AASB 16 basis, which will assist you in comparing the result with historical performance. As you may recall, last year's FY 2023 gross profit results included approximately AUD 4.2 million of non-recurring pre-tax income from insurance claims relating to stores that were flood damaged during FY 2022 and FY 2023. References I make during the call to the prior period refer to the adjusted FY 2023 result, which excludes this one-off insurance income, so back to this year's results. That includes sales of AUD 852.7 million, which are up 4.1% and up 2.6% on a comp store basis. On a pre-AASB 16 basis, gross profit was AUD 339 million, which was up 5%. The cost of doing business margin was 37.7% of sales, compared to 36.8% last year, and EBIT was AUD 5.4 million, which was at the upper end of the AUD 4 million to AUD 5.5 million EBIT range announced on May 23rd, and for completeness, statutory NPAT was AUD 4.7 million, which was down around 36% on the prior period. We're pleased to have again finished the year with a strong balance sheet. At the end of FY 2024, we had approximately AUD 50 million in cash and no drawn debt. So turning to slide 5. Comp store sales for the year were up 2.6%, with the first half up 2.3% and the second half up 3.1%. During FY 2024, significant changes were made to the company's merchandise strategy. These included launching our new homewares range, which offers our customers a rotation of new and exciting high-quality product at amazing value. We grew our seasonal events, including Christmas, Easter, and Halloween, by offering customers more variety at compelling price points. We refreshed most of our core ranges and improved the way product is presented to customers in our stores, and we improved the breadth and availability of our branded low-priced household essentials range, what we call consumables, to help our customers save money every day. FY 2024 was the first full year during which the new merchandise strategy was meaningfully in place, and it has shown positive signs with comp store sales growth, driven by an increase in customer transactions and units per basket. This has been achieved despite challenging trading conditions and demonstrates that the new and improved merchandise offering is resonating well with customers. Sales growth in consumables categories were again strong during FY 2024, as customers continued to visit The Reject Shop for low-priced household essential items that represent great value, particularly branded products. In general merchandise, seasonal events performed well, and the ongoing newness and differentiation in our homewares range generated strong sales growth. With cost of living pressures elevated, sales growth in the more discretionary, commoditized general merchandise products was softer than the prior period. Moving on to gross profit on Slide 6. Gross profit was AUD 339 million on a pre-AASB 16 basis, which was up 5 on the prior period. Gross profit margin of 39.8% was up approximately 35 basis points on the prior period. As I noted earlier, the prior period excludes non-recurring income from insurance claims. During the year, the gross profit margin was adversely impacted by higher than anticipated shrinkage and product mix shift towards lower margin consumables. Supply chain costs had a mixed impact on gross profit margin, with the benefit from a reduction in international shipping costs, partially offset by increased domestic supply chain costs. My team and I have been focused on improving our gross profit margin. Pleasingly, during the second half of FY 2024, gross profit margin was up by approximately 80 basis points on the prior period, which is a positive turnaround from the first half, where gross profit margin was down by around 7 basis points on the prior period. Turning to Slide 7. Consistent with many retailers, the company is facing a number of inflationary pressures. The cost of doing business, which comprises store expenses and admin expenses, increased to 37.7% of sales. This compares to 36.8% in the prior period, but is materially lower than the 39.9% back in FY 2019 before the business turnaround commenced. Store expenses increased to 32.3% of sales, compared to 31.1% in the prior period and 34.5% in FY 2019, while admin expenses improved to 5.4% of sales, compared to 5.7% in the prior period and 5.4% in FY 2019. In terms of store expenses, store labor was as high as 15.4% of sales back in FY 2019, increased from 13.6% last year to 14.6% this year. Store occupancy costs, which were 13.9% of sales back in FY 2019, were well managed during the year and remained effectively flat at 13.3% of sales. Store expenses also include the operating costs associated with opening and closing new stores. These costs totaled approximately AUD 2.5 million during the year, which is up from AUD 0.9 million in the prior period. Finally, depreciation was AUD 12.3 million, which was up AUD 0.2 million on the prior period, and this resulted in pre-AASB 16 EBIT for the year of AUD 5.4 million. On to slide 8. We continue to make good progress in expanding our store network, having opened 17 new stores during the year. We continue to look for new locations where we can conveniently serve more Australians, and are targeting to open approximately 15-20 new stores in FY 2025. There were 12 stores closed during the year, which included six underperforming stores, three relocations, and three regrettable closures due to tenancy remixes by landlords. We expect to close approximately five stores during FY 2025. At the end of FY 2024, The Reject Shop's national store network included 385 stores, up from 380 at June 2023. This also compares to 354 stores at June 2020, which was around the time when we began to more meaningfully expand our store network. Turning to slide nine, the company's balance sheet remains strong, with a cash balance of around AUD 50 million and no drawn debt at the end of June 2024. This compares to a net cash position of AUD 77.3 million at the end of June 2023. Noting that during FY 2024, excuse me, approximately AUD 15 million in cash was paid to shareholders via dividends and the on-market share buyback. Inventory closed at AUD 146.4 million, which was up from AUD 135.6 million at the end of June 2023. This increase is primarily driven by high consumables inventory at cost, noting that the number of units of consumable products in the business is approximately flat on the prior year. Turning to slide 10. At the FY 2024 half year results in February, the board determined to pay a fully franked interim dividend on ordinary shares of AUD 0.10 per share. This dividend represents approximately 80% of FY 2024 net profit after tax, and satisfies the company's dividend policy to maintain a dividend payout ratio of at least 60% of NPAT. As such, the board has determined not to declare a final dividend in respect of FY 2024. In terms of capital management, and as you already know, the company previously announced an on-market share buyback of up to AUD 10 million, which commenced in September 2023. During the year, we purchased and canceled approximately 1.2 million shares at a cost of around AUD 5 million. This buyback will end on September 10th, and the board will continue to review the company's capital management strategy. On to slide eleven. Sales during the first seven weeks of FY 2025 were up 1.5% on the prior period, cycling +6.4% in the PCP, and comp store sales were up 0.3%, cycling +4.4% in the PCP. Importantly, in the first seven weeks of FY 2025, and in line with our focus, gross profit margin has continued to improve on the prior period. During FY 2024, which was the first full year of the new merchandise strategy, our key focus was improving the merchandise offering to drive customer growth and generate comp store sales growth. In FY 2025, we'll continue to evolve our merchandise strategy with a key focus on gross profit margin improvement. We will also continue to focus on managing the cost of doing business in a high inflation environment and expanding our store network. To conclude, our customers continue to respond positively to our new and improved merchandise offering. I'm pleased to share that during the year, the company generated around two million more customer transactions than it did in the prior period. It reported record full year sales. It recorded positive comp sales growth in a challenging economic and trading environment, and we paid out approximately 80% of net profit after tax to shareholders in the form of a AUD 0.10 per share interim dividend. All of this would not have been possible without the hard work and dedication of each and every one of our committed team members. I'd like to thank all of our team members across stores, DCs, and store support center for their contribution and efforts during the year. While we are pleased with the progress being made in relation to the new merchandise strategy, we recognize that there is an opportunity to improve the profitability of our business. Like many Australian retailers, The Reject Shop is currently facing a number of macro and inflationary pressures, including high wages, elevated domestic supply chain costs, and shrinkage. My team's key focus in FY twenty-five is to continue to improve gross profit margin, while also growing sales with the ongoing improvement of the merchandise offering and expanding our national store network. The macro and consumer environment remains uncertain, so we're pleased that our strong balance sheet positions us well to navigate through any potential volatility in trading. We are also very aware that The Reject Shop plays a critical role in supporting Australians who are currently faced with significant cost of living pressures. We do this by helping our customers save money on branded, everyday essential items, such as cleaning products, toiletries, personal hygiene products, kids' lunch box snacks, and pet products. In addition, our team continues to work hard to offer our customers exciting new general merchandise and seasonal ranges at incredible value. We are focused on offering products that bring joy to our customers during challenging economic times, while also making it more affordable for Australians to celebrate seasonal events with their friends and family. I invite you to refer to slides 12-1 5 of our presentation, which includes some images of our exciting new general merchandise and Easter products, as well as our branded, low-priced, everyday consumables range. As Australia's largest discount variety retailer, and with a track record of helping customers save money for over forty years, we are committed to ensuring that every visit to The Reject Shop brings joy and savings to our customers. That is the end of our prepared presentation. I'll now hand back to the operator to open the call up for questions. ... Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Kseniya Chadayeva with Jarden. Please go ahead. Thanks for taking my question. Looking at gross profit margin moving forward, can you give us an idea of what some of the moving parts you're expecting?, and do you expect consumables to represent more than 50% of your mix? Good morning, Kseniya, and thanks for the question. Look, I think just to start looking back on this year, the headwinds in gross profit margin were predominantly shrink, product mix, and domestic supply chain costs. Shrink and product mix are somewhat out of our control. They are macro factors. We are taking action to mitigate shrink, and then by improving the general merchandise offering, that should hopefully, in the near term and longer term, help the mix, but those are a couple of our challenges. I think looking forward, there's a number of actions we're taking to improve gross profit margin, and we've been doing them during the second half and into the start of the new year. We're reviewing prices. We're seeking best cost from strategic through our strategic supplier relations. We're tendering key product lines. We're optimizing the mix of our products within certain categories, and we're optimizing the source of supply for particular categories. And I think looking forward, we've learned a lot from the new merchandise, the implementation of the new merchandise strategy last year, and so there's potentially an opportunity for us to optimize sell-through of our seasonal ranges in particular through better allocation. So that's something we're working on. Where do I think we'll land this year? I think I said earlier in the year, in this moment, our business should be a 40%-41% gross profit margin business, in this moment. The product mix is sitting above 50% consumables right now, and we are expecting that to tick slightly higher into FY 2025. So taking that into account, so we're not assuming any improvement in the product mix. We're not assuming any improvement in shrinkage. Taking that into account, 40%- 41% feels like the right place right now, and if I was to point anywhere, it'd be to the middle of that range. Going forward, though, we've seen margins in this business sit between 42% and 44%, historically, and that was when the product mix sat at 40% consumables. And roughly every five percentage point improvement in the mix is worth about 100 basis points of margin improvement, roughly. Now, I don't expect us to reduce our consumables business. I think the challenge for us is to grow our general merchandise business. And that part of our business has declined, at least for the last six years. And our objective is for this year to be the first year that our general merchandise business grows. And that will be the start of trying to shift the mix going forward. Great. Thank you. And generally, how do you feel about your competition in the market? Do you feel price pressure from marketplaces around, and how do you feel about your market share as well? Hi, Ksenia, I'll take that question. Look, I think we are in a highly competitive market at the moment, and that's in regards to both pricing and new entrants. It's hard to assess and really quantify the impact of that on us, but what we do know is that we've had really strong sales in our seasonal business and our home categories, and so anything that's new and unique is proving to be important. We also know that we've had strong sales in our consumable business, both in units and ASP, so while it is a highly competitive market, and while there are new entrants, we do still see our merchandise strategy performing to expectation as it relates to that. I think we know that we're a convenient shopping experience for our customers, and that we know that we've improved our merchandising strategy within our stores. So they're the focuses for us, and that's what we need to work on as it relates to competitors. I can't really answer your- Thank you. Question around market share. We don't have that, but as I said, we do know where we're winning. Great. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. The next question comes from Alexander Mees with Morgans. Please go ahead. Thank you.... On earnings last year. Are you able to do that again this year? Has it improved? Alex, you dropped off there for a moment. Do you mind repeating the question? Sure. Just saying that, I believe you quantified the financial impact of shrinkage last year. I wonder if you could update us on whether it's improved this year. Well, I think we gave an update on shrinkage at the first half. Our major stocktake occurs next February. We're actually conducting a number of stocktakes at the moment to get a pulse on how some of the actions we've taken have impacted shrinkage and also to give us a baseline for our future actions. I think probably what I would say, Alex, is overall in FY 2024, shrinkage impacted gross profit margins by around fifty basis points, adversely by about fifty basis points. Great. And you referred to taking some mitigating strategies. What are they? I think at the half year results, the starting point is we're treating shrink as a cost of doing business, and so making sure we're adjusting our margins to take into account shrink. We've introduced a new technology platform called Auror, which a large number of retailers use. It's a reporting platform. I think it has a tremendous cultural impact on our store team. And it also allows us to work much closely with police around, particularly around repeat offenders. That is now rolled out across all stores, and the initial signs from that are positive. We've bolstered our loss prevention team over the last little while, and you know, like all challenges, you've got to start with the biggest component of that challenge, so we're focused on our top fifty shrink stores. We're looking at how CCTV works in those stores. We're looking at store layouts, we're looking at store frontages, we're looking at our gates. We're looking at the bins out the front of the store. So we look at each aspect of where we can potentially mitigate shrink, including the labor model in those stores, and then this is something we've always been doing, but we look at shrink at a product level. There are certain products that are very high shrink. We've done a lot of work over the last couple of years, eliminating product from our range that's very high shrink and makes very little margin. That's something we obviously continue to monitor. That's great. Then just something more positive. With regard to the greater breadth of consumables that you referred to. I'm just wondering what categories of consumables you're expanding? I probably won't go into the specifics, but we've seen growth across almost all the consumable categories. Okay, um- Probably I'll add to that, Alex, the growth is driven by both unit growth and ASP growth when it comes to consumables, which is pleasing. Yeah, definitely. Cool. And just wondering if you could provide your usual technical guidance around cost items. Yeah, look, I think on the cost of doing business, we're to start with FY 2024, we're actually pretty pleased with where we landed. There's some moving parts within the cost of doing business. I'd say admin costs were pretty well controlled. Rents, well controlled. Other store costs, well controlled. Opening/closing costs were up year-on-year, mainly because we had more closures than we did the previous year. Labor was the one that ticked up, and we finished at 14.6% of sales, which is where we guided to at the second half. That's where we thought we would hit at the first half result. So that was pretty much in line with the expectation then. Looking ahead, I'd expect if we say the cost of doing business margin is sitting at 36.8%, sorry, 37.7%, I'd expect that to tick up slightly next year. Again, I'd expect labor to tick up. We've got 3.75% wage increases, super increases. We're adding new stores. We're keeping hours flat within stores. And this is probably not the year where we're gonna look at labor as an opportunity for cost saving. Rent, I think will control as a percentage of sales. Other store costs will control as a percentage of sales, and opening and closing costs, I expect, will tick back towards the AUD 2 million number, just given we're expecting fewer closures this year. Depreciation will tick up slightly as well towards the AUD 13 million mark, just given, we've got, there's been some CapEx investment over the last couple of years that will start to come through. That's great. Very helpful. Thanks, Clinton Cahn. Thank you, Amy Eshuys. The next question comes from James Bales with Morgan Stanley. Please go ahead. Hi, guys. I just wondered how we should think about the comp growth. Is a two-year stack a reasonable way to think about the momentum that's sustainable through the rest of the year? Obviously, you're cycling much tougher comps in the first six weeks than you do for the rest of FY 2025. Yeah, it is a tricky one to talk to, James, because we don't give guidance on sales. I'll make a few comments and see if this helps. I think the first thing is, year to date, from a comp perspective, we're up 0.3%, and we're cycling +4.4%. July was flat. The first couple of weeks of August are sitting just above 1%, so the momentum's positive. The comp sales growth, pleasingly, is being driven by transaction growth and basket growth. It's pretty slight, as you can see, but both are positive. I think what's most pleasing year to date is the growth is coming from both consumables and general merchandise. And general merchandise in the second half was almost flat after being down in the first half. So there's some positive sales momentum around general merchandise, and so, you know, we've made a pretty general statement around gross profit margin, but the gross profit margin on the sales that we have generated year to date, it's high quality gross margin. So I'm not gonna use the first seven weeks. It's difficult to use the first seven weeks to kind of explain what we expect for the first half or for the full year. We'll give an update at the AGM, but I don't think 0.3% is where we want to be for the first half in comp sales. Great. And then separately, I guess, Amazon introducing, free same-day delivery for Prime members, do you think that that has an impact longer term on your mix of consumables versus general merch? It may. As I said, I'm confident we'll continue to grow the consumables business. It'll tick along. I think our focus now is growing our general merchandise business. And we're doing that through the amazing product that's sitting in the center of our stores, that Amy and her team have introduced into the business. The homewares, which sit across garden, kitchen, home decorator, home storage, that rotates every few weeks. It's unique. You might be able to find it online, but you'd have to hunt for it, and our price points on that product is amazing, and the customer response to that has been terrific. I think our strength in seasonal, Easter, Christmas, Halloween. We saw such good growth across all of those areas last financial year, and we're setting ourselves up for another good Christmas, Easter, and Halloween. I think consumables, we keep broadening our range. We're focused on availability. We're focused on having the sharpest price in the market, and our team looks at Amazon. They look at other online competitors, whether it's consumables or general merchandise, so our focus there is remaining sharp. Our focus is also making sure we improve the gross profit margin on that product, so we worry about everything, James, but I think we've just got to focus on what we do best. Great. Thanks, guys. There are no further questions at this time, and I'll hand back to Mr. Cahn for closing remarks. Thanks, Rachel, and thank you for your questions and for joining us today. We look forward to updating you again at our AGM in October, so have a great day. Thank you. This does conclude our conference for today. Thank you for participating. You may now disconnect.