Endeavour Group Limited ($EDV)

on me standing here today. I'm delighted to be here. I'm delighted to be your CEO. It's a bit of a full circle for me. For those of you who don't know, roughly 20 years ago, back in the day when I was at Bain & Company, I worked on the liquor strategy for this business and did that with the Woolworths Board as part of Project refresh. And the way we laid down the strategy, which has enabled this growth, extraordinary growth and incredible portfolio of brands and the pubs business is exactly what we've stepped back and redone in modern with modern technology, but exactly what we've done to get the clarity on where we're headed now. And so for me, I look at this business, and I think, well, I'm of the lucky CEOs in the country, there are 4 things that I think are super attractive about this business, which is part of why I'm here. One is the extraordinary brands. We have to die for deep equity retail brands in Dan Murphy's and in BWS and both are critically important. There was some conversation and I've had questions asked by some of you in terms of why 2 brands, not brand. We'll see that clearly when we talk about the retail business but there is a really important role for Dan Murphy's. There's a really important role for BWS. They play to different occasions and slightly different customers and the share of wallet opportunity that we have in that part of the business is really important. So great brands, that speak to consumers in a special way in retail. And we have 352 brands that speak to the community in each of the pubs that we operate. And those positions are really unique positions and we're really proud of that part of the portfolio. So that's one. Two is we have to die for real estate. And we don't own all that real estate, but the position that you have in your retail business from the standpoint of high street or a grade locations and the position that you have with your hotels, where they're located in the community, we have unique, very high-quality positions, which is part of our asset base. So great brands, unique position in the community and really strong positions in the community that we serve. And then the third piece of the puzzle is we have potential everywhere in the business. There is so much untapped potential in this business. As a consequence of 1 thing really, which is we were part of a very big organization in Woolworths and a small piece of the puzzle, we didn't get the attention and the focus that was important for this business to stay focused on its strategic opportunities. And so both in retail and in the hotels business, we have significant opportunity to get the fundamentals right in addition to fine-tuning our strategic focus and going after the unique opportunities that we have to play to win. And we fully intend to do exactly that. And then the fourth piece of the puzzle is that we have amazing people all over our business front line, all the way through, who are hungry to do a great job every day to deliver for you. That is undeniable and a really important part of the story for us. They just need clarity and leadership to go after the right mix of things, so they're delivering uniquely well every day against a bigger game plan than we've had in the past. And so those 4 things are the things that anchor me here. Those are 4 things that I'm sure you're really drawn to as an investor in our business. And that sort of sets the stage for how we're thinking about the future. Now I talked before about the fact that we went back and did a refresh, and that's been very publicly talked about. But to get a strategic reset, correct, you've got to go get the facts. And that comes from a mix of places. It's 1 understanding your position and your performance and making sure that board and management are fully aligned on the facts of the business, understanding the markets around you in terms of what's happening, what's happening in the competitive space, how do you play? And then the third piece of it, which is critical, is turning the headlights on from the customer's perspective. So the customer, we understand how the customer looks at us. And we understand how the customer thinks about the category, and we understand how to think about where we sit in terms of share of wallet and what it takes to unlock more. And that gives you the basis of clarity in terms of how you position your brands and how you go after opportunities and that we've done in both the Hotels business and the retail business. Now in the process of doing that, we also learned a lot about ourselves and some of the mistakes that we've made. And in that, we learn, and we won't make those mistakes again. I'm sure we'll make others, but we won't make those mistakes. And at the top of the list is we did lose sight to the customer. And one of the ways that manifested in the retail business is we started focusing on margin as an end in itself as opposed to being clear about what matter to customers to unlock their trade, walking into our stores and putting more items in baskets, we lost sight of that in the retail business. And the hotels business, we ran the hotels business as if it was a retail operation, and we tightly manage for cost rather than managing for revenue and revenue growth. And so both those accounts lead to the untapped potential in hotels and retail. And then the last piece of the puzzle is that it's pretty clear to us that we've had a lot of these ideas for some time, but we haven't been able to execute on the opportunities that they presented. And why is that? We have great muscle strength with respect to executing against our trading plans, probably best amongst retailers. That comes from Waysand that's great muscle executing against trade plans is key. But those trade plans can't stay static. They have to evolve. And you have to have the capability to do more than just executing day-to-day because you have to keep the headlights on for the future and you have to understand what's changing around you because if you don't, you're going to get taken apart by your competition. And so those 4 things, I think, set us up in a position where we feel like we understand and there's obviously a lot of detail that sits underneath those lessons learned. But the nut of it is we've stared into that, and we are clear in the way that we've set up our future that we're going to build muscle strength in being able to execute. We're going to be able to take a good idea. We're already doing it, take a good idea and be able to execute that idea and put the value associated with that idea in the bank. So that's where we're headed. We have 180 initiatives that are already logged and tracked and well through the process of detailed planning to ensure that we can put resources against them, approve business cases and fly in and executing them. Now in order to deliver against what we see as a great opportunity, you have to have an exceptional team. And what you saw early in September is Kate starting to reset on price because we had clarity that we were missing a trick in Dan Murphy's. By October, we had figured out what we thought the right structure was for the business going forward because the bones of the strategy starting to come together. That led to clarity that we need a Chief Customer Officer to keep the headlights on for customers. So Katrina works across both retail brands and hotels to ensure that we not only understand customers, but we understand customers better than anybody in our industry, including our suppliers. And then we know how to leverage that for competitive advantage because that will be the of our competitive advantage. That knowledge that clarity. And so her role is critical to ensure that we keep the headlights on. It also gave us clarity that also gave us clarity that Pinnacle is in service of retail and so it should be sitting not on the top table, but in a position where it's strategically managed to deliver against the role that it plays for private label and exclusive brands for retail. And so the structure of the business getting set in October was important. And then by December, we had the new team locked in, and they're all in the room today. So that's really important. You will meet everybody today through the course of the various things we're doing casually, but you will also have the opportunity to hear from our business unit leads in Katrina. What you won't be able to do today is hear from everybody on stage. And so what I thought I'd do is have a handful of people who are not going to be on stage to introduce themselves. And maybe with that, Ellen, start with you.

Thanks, Jay. Thank you that again. My name is Elena Core. I've joined Endeavour just in the last month as Managing Director, looking after our group strategy transformation agenda as well as the Pinnacle portfolio. I've joined most recently from A2 milk, where I was there for almost 8 years looking after a similar sort of role set up. I was doing group strategy and the ANZ business unit. Look forward to chatting to you at morning tea.

Good morning, everybody. I'm Brendan Sweeney. I'm the Chief Digital and Data Officer. My background over 20 years in omnichannel retail, both internationally and in Australia, joined most recently from Wesfarmers, where I was running catch.com -- and prior to that, I ran digital and loyalty for the Cotton Alan Group and for Coles. Great to be here and really excited to be part of the team.

Good morning, everyone. My name is Jill Henderson. I'm the Chief Legal Officer here at Endeavor. I joined in November last year. And prior to that, I held legal roles and people and culture roles across the Qantas Group as well as BHP. And I'm looking forward to chatting with you all during the break. Thank you.

Good morning, everyone. Katie Hudson, I'm the Chief People Officer at Endeavor. I come to you via Mondelez, so embracing chocolate the last 9 years with Treasury Wine Estates so embracing wine and now thrilled to have the expansive portfolio of Endeavour. Thank you.

Good morning, all. My name is HerindaSiluja. I'm the Chief Information Officer. Prior to joining Endeavour 18 months ago, I was responsible for digital transformation for New South Wales government and prior to that with JPMorgan, I'm excited to be here.

Good morning. Dan Holland, I'm the Chief Corporate Affairs and Sustainability Officer. I've been with Endeavor since 2 and over expanded nearly 20 years I've been in the drinks and hospitality industry at major brewers and a couple of other businesses. So welcome.

Great. Thank you, guys. Yes. So hopefully, you see a mix of new faces and familiar faces, and you get a chance to get to know everybody today. You will notice one thing that's consistent across everyone, which is a massive passion to go after the opportunity that we have in front of us, which shouldn't be surprised to anybody. Now if we step back and just look at the strategy at a high level, we've talked about this in various ways up to today. So there isn't a lot of new news here. Again, we're starting from the customer and every decision that we're making working from that vantage point. With retail, we have 2 extraordinary brands, as I said, and both those brands have unique roles to play. And there are 2 big sources of value growth that will come from the retail business. One is that we are not a great retailer today. We're a good retailer, but we're not a great retailer. So the fundamentals that Benjamin and Gannett will both talk about are really important. So there is opportunity for us in just getting the basics right. I won't steal the thunder from the guys, but 1 classic example of that is we don't allocate space correctly in our stores. We don't do macro space planning and category planning, we haven't done strategically for some time in the right way, for the brands and the alignment of the brands for the customer. And then there's another chunk of opportunity which comes from just doubling down on what we know to be important to customers and to do that uniquely well and to do that leveraging the huge scale that we have as a portfolio. Everybody in the room today as part of the leadership team has a really important role to play as we execute against these opportunities and it won't be lost on anybody that we haven't done a fantastic job on digital. And so Brandon and the depth of experience that he brings, for example, is really important to making sure that we cover off all of the important levers that we have in front of us. Hotels, 3 levers in hotels. One is we don't have the operating model right. And I know we've talked about that in the past. We have clarity now on why the operating model doesn't work and what has to be different. And how we're going to deliver against that. The operating model should enable 352 small businesses to have competitive advantage from the scale of the Endeavor Group, but also the competitive license to compete locally and to take advantage of the unique opportunities they have to serve that community differentially well. And we have the ability to help set them up to be able to do that in a way that others can't because they don't have our scale but we have to allow them to run their operations and to genuinely be local community pubs. And so that's one. Two, we haven't invested in our hotels over the course of time in a way that we should have. And we have a big job to do in getting all those pubs in a position where they have been put on a stage that is competitive for the local area. That doesn't mean 1 size fits all. It doesn't mean they all need massive renovation, but they all need to -- we need to ensure that every 1 of them is in a position where it's fighting fit to compete and they're not today. And so we're going to, over the course of the next 3 years, deliver the massive bulk of renewal and light touch investments that need to be made across the portfolio to ensure that it can compete and deliver for you the earnings returns that you expect. So we're really excited about that. And the third piece of the property -- third piece of public is property, ensuring that we unlock the potential that sits in the property portfolio. And then group; from a group standpoint, we have opportunity to help drive not only execution to deliver revenue growth, but to ensure that we're simplifying the way we do things. There are lots of things that we've inherited that drive complexity in our business, getting rid of those things unlock cost and enables us to improve productivity. And so the cost reduction opportunity we've already talked about, $100 million committed to $27 million, $300 million over 3 years. It's very significant. I noted with interest, one of the analyst reports that that declared that we didn't have any more cost to take out of the business. That's just not true. We have plenty of cost to take out of the business. It's going to take us a little bit of time to get it all because we have to change the way we do things in order to unlock that opportunity for you. There's also significant untapped potential that sits between the Hotels business and the retail business. And we made it clear, I think, at the half year that we had no intention of separating the 2 businesses. And the way we think about that opportunity is one that we're today not taking advantage of the customer assets we have in Dan Murphy's and BWS and in the hotels business. So we don't think about those customers as customers of the group and how to ensure that we're getting maximum share of wallet across all 3 parts of the group. And we are taking a slightly different lens to that going forward, and that will unlock significant port you. Second thing is scale. We have huge scale. We don't think about scale as an asset that scale is a huge asset. It helps us in profound ways, not only in the ability to take cost out of the business uniquely both in the way that we work with our trade partners, but also in the way that we manage nontrade partners in our business, but also in thinking about what it means that we can uniquely do that our competition can't and therefore, how do we use it as a point of competitive advantage, not only in the retail business, but also in the hotels business. And the third piece of the puzzle is we have extraordinary data on our customers. We cover Australia. We haven't really thought about it like that. So the insights and the wisdom that we have is obviously invaluable to us. We haven't used it to its post extent, and it's obviously invaluable to others. And we haven't thought about how we monetize that to its full extent. There's the obvious play, which is with our trade partners and we haven't done that and we will do that. And that's a clear part of our trade partner strategy. But collectively, there is value trapped in the group that we have an obligation to unlock for you. So that's a key part of the strategy going forward. On everybody's minds will be how much can you do how quickly. And you can rest assured that we're very impatient. I'm probably the most impatient of all of us. And we're on a mission. And as I said earlier, 180 initiatives already in the hopper being driven. The $100 million that we've identified for '27 is going to be delivered in '27 and about 65% of it is already in the bank on the way to ensuring that we start July 1 in the best shape possible. And the rest of the $100 million, we've got clear line of sight and we have no doubt that we'll deliver that in '27. Phase 1 really is about getting the reset clear and ensuring we've got the muscle strength to deliver against the transformation. The second phase of what we expect to deliver for you is ensuring that the growth platform is firing. There are lots of things that we've alluded to and talked about at the half year about offsetting the price investments. You know intuitively, and I'm telling you explicitly that we are working on both more sophistication in how we go to market on price and more sophistication in the way that we drive footfall and basket size in the retail business. And we're working hard on making sure that we are lifting our game every day in the hotels business, dramatic transformation to come there, but we're also focused on driving quick wins to ensure that no matter what's happening around us and the economy that we're working all the levers to play the best job and the best role we can in the local community. And the third phase is earning the right to go do much bigger ticket things. And and that's continuing the growth platform and then using that to expand out into other things. And so we think about that over periods of time and the probably 18-month to 24-month chunks and they cross over between them, but there's significant value to be added, and we start the hard heavy lifting, well, we've been doing hard heavy lifting over the course of the last 5 months or so and '27 is the massive construction period. So when you think about that and you think about how all that stacks up, I'll just round up what I've already said, but with retail, two big levers. One is getting the fundamentals right and making sure that every day we're planning to win. And the second is ensuring that we're aligned to the opportunities we know around occasions and different segments of the marketplace with Dan Murphy's and BWS and ensuring that in the way that we do that, we are tracking and measuring how we're doing and share of wallet against the targets that we've set for ourselves. All of those things drive retail revenue growth. We're really proud of the fact that we've got 8 months straight now of retail revenue growth. We're in volume growth. We're in basket growth, and we're very, very focused on ensuring that we stay in growth. In a retail business, you have to be in growth in order to be running a healthy retail business, and we're clear about that. And we know what that means in terms of making sure that everything else is healthy and sophisticated in the way that we operate. And we're on the brink of a technology revolution, which is going to help us do all those things in a much more productive way over time. So we've got to get the fundamentals right in order to be able to leverage the technology to take it to another level. In hotels, three big levers. I'm most excited about getting the operating model right because that unlocks everything else. It means that we take maximum leverage from the investments that we make, by the way, so that today, we talk about the ROI that we're delivering on the investments in the hotels. That should increase by getting the operating model right. So these things are complementary and help really ensure that we're getting a compounding benefit as we flow through the execution of them and then the portfolio opportunity with property. So with that, I will invite Jeannette and and Benjamin at the stage. And as I do that, I would just say that recognize that in Katrina, we've got extraordinary multi-brand expertise, deep customer passion as well as sophistication how you think about that. Gannett's coming to us with decades of retail experience from both South Africa and Australia, most recently in Willys. Her ability to knit together the relationship with Willis to ensure we're taking that to the highest level it can be from a strategic standpoint is key, and Benjamin comes to us with decades of retail experience as well, cut his teeth in retail in ALDI and most recently at Super Retail Group and as you'll discover is a passionate dance consumer himself. So with that, I'll hand it to you guys and Katrina there. Thanks, Jane.

Hello, everyone. It's great to be here. Benjamin and I actually started on this day 4 months ago in the business and Jeanette started a couple of weeks beforehand. And over the last few months, we've spent a lot of time together in stores, talking to our customers, talking to team members and really trying to understand the business, understand what's working, what's not working and what we need to change. And what's been really wonderful for me to learn being new to retail is how passionate our customers are about our products and about our brands. They basically -- they want to tell their favorite Dan's story, share the experience they had with their favorite drink or talk about BWS. And it's just wonderful to see that passion for the business. I spent some time with the customer named Matt in February. He's an avid Dan shopper. So shops every week at Dan's. He buys across all categories, but particularly spirits and particularly tequila. So we walked around in Melbourne went to a couple of our own stores and some competitor stores and his insights about the business and what we need to do to improve it, were really immense across price range, the in-store experience, even online. And so we incorporated some of those insights into our go-forward plans. Last week, he actually sent me a 3-page proposal for how we could import more premium tequila from Mexico, which I did give to Benjamin and he sort of looked at me. But it just -- the reason I tell you that story is because I think it shows the passion that our customers have for the category. But also to Jane's point, if you really stay close to customers, understand their needs and wants, that's what is the basis for a great business. So in this section on retail, I'll just share a bit about our very customer-led data-driven approach to strategy and how that plays through the retail brands and then hand over to Benjamin and Jeanette to really bring it to life through Dan's and BWS. So our strategy is based on deep insights about our customers, and we're in a unique position to really understand the Australian liquor consumer. We have a lot of customers. So almost 9 million Australians members of our program. So 5.5 million for dams and 4.6 million for BWS. This is almost 50% of the Australian adult population, who are members of our programs and gives us a unique insight into what they need from our category. If we think about more broadly from a customer perspective, probably 80% of Australian adults would shop with us either online or in store. And this gives us a huge data set of transactions and touch points so we can really understand how people are purchasing, when they're purchasing, how big the baskets are, how often they come to our stores, how often they shop online. The reason this is important is because it really helps us make the right decisions, which are really customer-led and also gives us the right set of priorities. And so Benjamin and Janet will talk later about range optimization, really hard to optimize the range if you don't know what customers are buying, either at a national level or at a local level. We also have lots of voice of customer programs, voice of team programs, and this gives us an insight into how customers are experiencing our stores or online every day. So why is this important? Well, when you stitch it together, it allows you to have better information about what customers need and want and deliver that more effectively. And what -- even though we launched last year, 1,000 new SKUs to tap into new sources of demand, what I'm really excited about is the opportunity to leverage the customer data to work more closely with our trade partners and really scale our small trials and iterate so we can drive innovation and be the category leader that we are, bring energy to the category and find new sources of growth. Retail Liquor is a high engagement category. The story I shared on Matt is just a good example of that. Customers -- now this may not be for everyone, but many Australians still find alcohol an important part of celebrations, events and occasions. And it might be celebrating the champagne your daughter's graduation or it might be having a beer with you made to the pub. It's a very important part of social culture. And so people are very brand loyal and mostly connected to the brands. But we also know that customer needs are changing, and there's a lot of discussions about low alcohol, no alcohol, the impact of diet drugs are young people drinking. Our perspective is they are drinking, but they're probably just drinking differently, and we need to tap into those different needs. If you think about the launch of hard solar or hard rate a couple of years ago, it really heralded a blurring of category lines and also introduced lemon that became Orange and lime. And this summer, I'm told it's going to be all about passion fruit. And so the key for us is to really stay close to consumers, understand their needs and then innovate against that. Our strategy is based on deep insights about customers. So we deliberately talk an outside in perspective on the Australian market and looked at qualitative and quantitative data to really understand who are the key customer segments and what are their needs. There's 5 segments that really are important. And these are here on the slide, it expressed in a simple way, obviously underpinned by a whole lot of demographic data, occasion data purchasing data. From the left-hand side, the first segment is value seekers. And these are customers who are looking for great prices, or deep discounts on a wide range of products, probably for consuming later that day. The second segment is stock up savers, also looking for value on a wide range of products, but Promore stocking out for that occasion. Christmas and event birthdays. And we tend to see bigger basket sizes for those customers. And those 2 segments are really the core heartland for Dans, really important segments, and we see a lot of growth opportunity through share of wallet. At the other end of the slide, we've got 2 segments which really play to BWS. The first is convenience. So customers who want a really convenient shop either near their work or home, pop in, find the product, get out quickly. But we also know that BWS serves as another important customer, customers who are looking for innovation and looking for inspiration. What's that new pack, what's that new flavor. And this is a really core part of engaging the category with things that are new and different. And they're really served by BWS really well. And in the middle, there's brand traditionaliso people who look for their Saver product in a very branded oil. And you can probably look at these segments and look at the occasions and think which 1 am I? I'm definitely a brand seeker. And I tend to go straight for cloud-based even blank or head coaches but each 1 of you will probably fall in a different place. And the reason we're excited about this is because it's simple, so we can action it and drive execution through our teams, and it's based on the Australian market and really core customer data. We're also excited about it because it gives a very clear role for each of our brands to play. As James said, each brand plays a different role in delivering against different customer segment needs. So Dan's has always been about low prices and a broad range for customers who are seeking value and stock up. Whereas BWS is about convenience needs to be at a competitive price, but it's also about inspiration. And so Gannett will talk about convenience with a twist, which really encapsulates focus on two different customer segments. And the last thing I'd like to share in terms of being a customer-led organization is that we will be where our customers are. We have a huge omnichannel network, 1,700 stores across the nation. We're actually bigger than makes bigger than the supermarkets, bigger than subway. And we have a whole range of formats, big box, small box drive-through attached stores, which means we're just an easy reach of almost every Australian consumer. But we also have a big digital network. Roughly 2.5 million customers would shop online with us every week over our apps as well as our website. And then the partners we have through Woolworths and the ultra convenience players, DoorDash and Uber Eats. I mean we have a huge digital reach. Now we know that customers -- some customers also browse online and shop in store, but the most valuable customers and the most quickly growing customers of or omnichannel, so shop in store and shop online. And so when we think about the customer experience, we design from an omnichannel perspective. So in summary, I guess there's probably 3 things that are important. One is that we're customer-led, 2 is that we're data-driven and 3 is that we design for an omnichannel experience. And with that, I'll hand over to Benjamin to talk about Dan's.

Thanks, Katrina. So Dan is a cornerstone of Australian retail. Dans, Mark, Dan's the man, Uncle Dan, doing a Dan's run. We've woven into the fabric of Australian society as an iconic Australian retailer. And as Jane alluded to, I'm a long-standing customer of Dan, absolutely have loved Dan's for a long time. But Dan's didn't have 100% share of my wallet. It does now, of course. But over the years, I've been an avid Dan shopper. It didn't have even 50% share of my wallet. And so that's the opportunity for us. Over the last 4 months, I've been able to see past the retail shop floor of the Dan Murphy store into the back room into the store manager's office and been able to work with the executive leadership team as well as the senior leadership team to really understand those opportunities. And as Katrina said, and as Jane said, it is all about the customer. So Dan's hasn't always delivered to what the customer needs. And having understood that business and unpacked a lot of the customer pain points from a customer myself as well as from our team we're able to develop a strategy which will unleash the full potential of the Dan's business. So what have we got so far. Well, we've got 283 stores around Australia that are in iconic A-grade locations. We have the vast number of our stores in high street locations adjacent to retail precincts which are destinations within destinations themselves. Someone said to me recently, there's big box and there's Dan's big box. We have incredible sites. We have an average floor square meterage of 985 square meters for our stores, which is a destination for all of our customer needs. We carry over 4,000 SKUs in an average Dan store of a catalog of over 10,000 SKUs in our business. So we're able to not only capture the breadth of customers, but the depth of customers for the bulk of their shopping occasion. We are #1 for liquor purchase intent in Australia. We have 5.6 million customers actively shopping with us within our database. There are 18 million Australians over the age of 18 with 5.6 million customers. That means more than 25% of Australians have shopped at a Dan store in some way, shape or form over the last 12 months. And I'm sure that number is a lot higher in this room. But there are opportunities for us. And today, I'm going to walk through four key opportunities for the Dan's business to unleash its full potential. Number one is get the retail fundamentals right. Number two, and Jane talked about it earlier, Dan's is #1 for price leadership, and we need to deliver on price leadership within the marketplace. Thirdly, range opportunities. I'll go into in much more detail. And finally, unleashing our digital assets. Customers are increasingly shopping online or using digital tools to enhance or experience their digital or their shopping experience, and we've got an opportunity to unleash those digital assets. So I'll walk through each of those 4 areas in more detail now. Firstly, retail fundamentals. So I've been in retail in my entire life. Ever since I was a little kid selling fishing rods in my father tackle store or boat shop. And I love orientating towards the customer. And there are absolute opportunities that Dan has to reduce the friction points that we have for the customer purchase, whether it's in-store and making sure that our navigation or signage points the customer in the right direction they need to go or whether it's online and the utilization of our website or our app, there are currently existing incredible pain points for our customers we need to unlock. And I'm really happy to advise that we're making those changes as we speak. So the app, for instance, I'm sure a lot of people in this room have experienced log-in issues with our app or log in to your my Dan's account. Brendan and his team have already fixed that log-in experience. If you've experienced voucher codes that don't work, Brendan and has your team have gotten to work and they fix those voucher codes. So already, we've gotten underway. Jane said we've got 180 big initiatives. We've got lots more little tactical opportunities to reduce that friction for customers, improving our navigational signage. I'll talk a lot more about space and range going forward. But there are literally hundreds of pain points that we're ticking off to make sure there's a frictionless customer journey both in-store and through our omnichannel networks. Operating at low cost. So we can't be a lean, low-priced operation without having a low-cost operation. And so how do you offer a customer service level that a customer wants in a Dan store and still be a low-cost operation. We share an experience I had a couple of weeks in. I was in a Queensland store with our GM of Operations, Darren and we're standing watching a team member try to decipher a point-of-sale pack to go and execute the point of sale for that week in store. And it was 47 pages long. And that team member had three different packs in order to deliver the retail execution for that particular week. And watching how many hours it took for that team member to decipher that information that was sent through from head office. A few short weeks later, those three separate multipage packs have been reduced into one, and that pack is no more than 10 to 15 slides now for those team members. So that's several hours that we've saved every 2 or 3 weeks in our business times to 283 stores and has not had an impact on iodato the customer service levels on the store. In fact, it's freed up those team members to spend more time doing what they should be doing and working with our customers to sell them with the products that they're looking for. So these kind of consistent execution is what we are looking for is opportunities for Dan's from support office from me all the way through to our front end, how can we do things more simple, more efficiently and with a better focus on what the customer needs and unleashing the power of our team. So we're unlocking our team to make sure they can make decisions, not get logged in the quagmire of meetings and discussions with no outcome. Every meeting has a purpose, focused on the customer and let's make a decision and move forward. Moving on to price. So as Jane said, Kate did an amazing job in August last year and reset the Dan's price. This is what Dan has been known for, for 74 years. Dan has been a price leader in the market. And in recent years, we haven't been great at delivering on that. Now we are. Dan's will reestablish its position as not being beaten on price in the market. There are ways where we can more effectively do that. We're working on tools and systems to ensure that we can do that in a lot more efficient way. But the cornerstone of our strategy is nobody beats Dan's which goes to our marketing communications. Sometimes, we've been a little bit inconsistent with our marketing communications or we've layered multiple things on top. Even today, when we talk about price, we have lowest liquor price guarantee, nobody beats Dan, if you find about a price, we'll beat it and if value campaign we've done recently. So what we're looking at doing is resetting our marketing approach to make sure we've got a much more customer-led orientation and galvanize our marketing message around what the customer believes and what our brand proposition is in a way that customers fully understand. And the opportunity, not just in price, but to drive engagement from our members. So one of the big reasons we have an over 80% tag rate of members in our stores is so members can get the advantage of the -- my Dan's membership pricing. We're looking at how we can simplify that and offer our customers a much more engaging approach that will drive not only them into store for the pricing in the first place, but repeat visitation going forward. Tailored range, a huge unlock for Dan Murphy's. The left-hand side shows an illustrative graph of where we have a disparate return on investment for the subcategories that we have in store. It's no secret that we are passionate about wine, absolutely. But we're seeing that we're overrandour macro space needs a reset to make sure we've got the products in store that customers want to buy but we allocate appropriate space for them. So already, I know I'm answering one of Craig's questions, which is RTDs as an area that we have been underinvested in. The customers are seeking new ranges and new possibilities in wine as well. So Katrina is going for passion fruit, ongoing for Fano this summer. So we've got to make sure that we get our range right in the categories we're experts in, such as wine, to make sure we're tailoring that range for the customer in the season that they want. But we're also going after these new drink varieties and whether that's RTDs or whether that's imported beer or whether that's low alcohol or no alcohol products. And then we need to space them accordingly. And we don't just need to space them accordingly. We need to put the right product in the right place at the right time. So we also have to get our segmentation and our categorization and our clustering right, get assortment planning effectively done that all of our 283 amazing stores in A-grade locations are suited to the clientele of that particular area in that particular store. Digital assets is my last area, huge opportunity. Customers are shifting, whether it be their research or their shopping behavior to online channels. So as I said, we've got 5.6 million active customers who have shopped at Dan Murphy's in the last 12 months. The vast majority of those customers are using digital assets, whether it's our app or our mobile or our desktop web platform. There's so many opportunities to enhance that. Our web visits are 3.5x what our nearest competitors are. So we have an incredible asset there available to us to not just sell customers' product to make sure we've got an extended range available to them to make sure we use that as a platform to inform our customers, educate our customers and also entertain our customers. So this base plate we have is an incredible opportunity to leverage the way customers are shifting their shopping behavior to help them on the journey as a complete omni solution for all Dan Murphy's customers and those 283 stores, they're a great asset for us to do omni fulfillment. So our Express service, which most of you would be in that area can shop online with Dan's and have that delivered by the time you get home today. Thank you very much. I'll pass you over to Janet to talk about the amazing opportunities in BWS as well.

Thank you, Benjamin. Certainly, some exciting times ahead and it's a pleasure to be with you today. I've been with Endeavor a little over 4.5 months. And I need to say that I absolutely love the brand. Katrina's reference of BWS with the twist is truly true to the vibe that you feel when you walk in our stores and we have incredible team. The BWA strategy is, first and foremost, deeply anchored in our unmatched convenience. With 1,451 stores across the country, we are within 10 minutes of any urban Australian. We really are in your neighborhood. Secondly, as Katrina mentioned, it's anchored in deep customer insights, and data. Over the last 4.5 months, myself and the BWS leadership team have taken the time to wrap our arms around that data to deeply understand every component of it, our customer segmentation, where they shop, how they shop, why they shop. In addition, we have got out into our stores, both our own and our competitors across multiple states. We have spoken with our team and with our customers. And can I say we are really clear on what they love about shopping at BWS and there's many things, but equally where they have told us that we have clear opportunity to do better. We really are the local neighborhood bottle shop of choice. And it is on us to make sure that we bring that opportunity to life in our strategy. We are clear in our opportunities. And over the next little while, I'll step you through what that looks like. So let's get on to it. BWS is the home of unmatched convenience, I love the stat that Katrina shared, 1,451 stores is our footprint. We are bigger than McDonald's. I'm not sure there's many retailers that can say that. Secondly, our team facilitate an enormous amount of transactions every single year and do a phenomenal job of it, both in e-com and in-store. We rated #1 for convenience perception and number two, on purchase intent right behind Dan Murphy's. And lastly, through our partnership with Everyday Rewards, one of the most well-known and acclaimed everyday loyalty programs in Australia, we have 4.6 million active members. But great assets alone is not enough and it is what you do with them that actually matters. And therefore, we have significant upside in four key areas. First and foremost, getting the fundamentals right is a nonnegotiable, and that spans right across the business. Secondly, convenience online is as important as convenience in store, and we have a lot of work to do to evolve our digital experience for our customer. As is true to Dan Murphy's, it is true for BWS, but we have a lot of work to do on range and ensuring that we enable discovery in quite a small box but we are clear on that priority as our customers have told us that we have to do better. And lastly, we'll make sure that through the engagement platforms that our customers love, we'll keep them coming back again. I'm a proud operational retailer. I have been in operations for a large portion of my career. I've seen and experienced firsthand just exactly what complexity upstream can do downstream, to put roadblocks in the way of delivering and executing against a strategy and making it super hard for team to be able to deliver on the customer value proposition. The priorities that we, therefore, have for BWS span across every single customer touch point and making sure regardless of where you are in this business, not only in the four walls of the store, we need to do better, and we need to remove that complexity. Our average store is 139 square meters. We have 1.7 team members per store and only 1 person on average per shift. It has never been more important, running a small box related retailer to make sure that we get these fundamentals right and we will do just that with a resolute focus on making it simplify our teams. And I'll bring that to life practically for you. We've had to reset our inventory routines in our stores. It's a 50-page document that helps team in 135 square meter box understand how they need to run and manage inventory which ensures our customers get the products they want, when they want it, how they want it. That routine was probably built for a 300 square meter grocery store. It's now 1 page 7 steps and seven 1-minute videos that are able to scale across a network of 1,451 stores and just on 9,000 team. In the course of six weeks, we have retrained 4,500 team members on a simple routine so that they can get it right every day to put the product to our customers and love and need in their hands, simply and easily. And therefore, the reset of retail fundamentals cannot be underestimated, particularly for BWS. We cannot mess around. We do not have enough team to run a business with a 30-page inventory process if everybody puts that into store. We will make sure we reset across customer, we'll make sure that we are disciplined in our execution and we'll make sure that we invest in our teams so that they are empowered and capable to be able to serve our customers. And if we do all of that, we will run a low-cost retail business because again, over the course of my career, I have seen how complexity upstream drives cost in downstream. And so there is an enormous amount of opportunity for us in this space. We will evolve our digital experiences. I've spoken about the fact that convenience is not only in store, but it is equally when you log on to the app or when you sign on to the website. It's about needing to be fast, simple and reliable. And we certainly are not always that when you log on to our app or when you go on to our website. And there's work to do in making sure that we bring discovery to life and that we amplify the great deals that we have on offer for you, particularly in the current environment where the customers are feeling the pinch and the cost of living, we need to make sure that they can find our deals super quickly. But with the network of 1,451 stores, we have actually built a localized fulfillment network. And we will ensure that we maximize that to its fullest potential. In the last 12 months, our average delivery time of an order to anyone in the area in which we service was just 34 minutes. There's very few other businesses that can in actual fact, meet that. Our partner platforms are vitally important to us, and we will continue to focus on those and work with them to get the best outcome for our customers. But the one I probably want to focus on is the amazing partnership that we have from Woolworths. As Jan has said, I come from Woolworths. I spent 10 years in that amazing business, and our partnership has never been stronger. We are well positioned to service our customers whether they choose to shop liquor only or whether they choose to add liquor to their basket when they shop grocery. We are available in the Woolworths app and on their website. We have 626 partner stores. We service out of seven customer fulfillment centers and 2 e-stores. Our reach through the Woolworths website is far and wide and again, I'll say we are well positioned. If customers choose to shop grocery and liquor, they can do so. If you're not a wooly shopper and you don't jump on to the app often, I would encourage you to do so because in this year so far, we have run a number of great offers in partnership with Woolworths to amplify liquor on the Woolworths website. And if you were on there since last week or this week, what you would have seen, is we are running a whopping 20% off liquor on the Woolworths website to make sure you shop some products and you add some liquor to your basket. They come up frequently, but we are clear that, that customer needs to know that we are there. And along with Woolworths, we have amplified our presence to do that. The one that I'm probably most excited about is in-store experiences and range. If you are the local neighborhood bottle shop of choice, then you need to make sure that you are showing up for the customer and giving them their favorite products that they love and need. However, I would say to you that when you probably walk into our shop, there's just way too much going on at the moment. There's way too much range. There's unclear price messaging, and we are certainly not giving the right space to the right lines to make sure that when you choose to shop in our business, and we peak from a trading perspective that we remain in stock of the lines that you love. And so that is what this piece of work is all about. It's about making the 139 square meter box work that much harder. But equally, it's about making sure that if you jump online, you see that same experience. You can discover new products you can find them in store. And along with our trade partners, we will bring innovation to life to ensure that our customers find the new products they're looking for and the inspiration that they are after and we'll use retail media to uplift that experience. Last but by no means least, our engagement platforms are critically important to us. Everyday Rewards is a great partner for BWS and the 4.6 million active members are vitally important. But equally, through API, we have seen tremendous growth and engagement. These two platforms are no more and no less than making sure we keep our customers coming back in and going. And we will work with those partners to make sure that we give customers compelling reasons to come back because value is important for BWS as it is for any retailer, and we cannot look past that, and there are many ways to bring value to life. This is one of the ways that we do that. In summary, the BWS strategy is anchored in convenience and in deep customer insights and data. We will focus on how we amplify localized an inspirational range. We'll make sure that our customers are clear and can easily spot the value we bring to them. We will evolve our digital experience. And we will certainly double down in our engagement platforms to make sure that our customers keep coming back for more whilst remaining competitive in the market. Thank you very much, and I'll now hand back to Jane.

Hopefully, that gives you a little bit of a sense of how we're thinking about the retail opportunity that we have in front of us and it gives you a little bit of confidence in how much the well can bear with respect to the retail fundamentals piece in addition to getting the segmentation bit right. So with that, I'd say a huge thank you to Benjamin, Genette and Katrina and invite Paul up to the stage. Great, questions.

Beer from Jarman. Really intend to hear on sort of all the strength of the portfolio. I suppose I'm just trying to understand is how you get more out of the box because globally, historically, category killers typically peak out 40-ish share they struggle to push above. Are you going to lean more aggressively into EDLP, you're going to make it store-based. You can put more products into the box to try and find adjacencies. I'm just I'm trying to a sense of how you actually do and leverage the assets that you talked about today? Because it feels to me you've got a growing share material in your category to succeed. Just how do you do it on these assets you presented to us?

Sure. So without sort of breaking down a blueprint that we can't do because we're not going to give -- we can't give you the detailed blueprint in terms of what we're going to execute against because we're giving our competitors a free kick when we do that. So there's a tension here, which I'm just going to acknowledge straight up. The backdrop to this is their 10,000 retail liquor licenses that have been issued in this country. And we have roughly 1,740 of them, and we are a very, very significant share of the market. And so there's a lot of small players we're -- I don't know, we're over 2x the next largest player in the marketplace, close to 3x the next largest player in the marketplace. So we're the undisputed market leader. If I were a betting person, I would say that there will be consolidation that happens in the market around us. And then so that's the backdrop from a market standpoint. And then you look at Dan Murphy's and you look at BWS, we're saying to you today that we understand customers, we understand occasions. We understand the bulls eye for Dan Murphy's and BWS, and we will use our real estate and our retail positions to deliver against the needs of those customers across a spectrum of things that they want to purchase from us against the occasions that they're shopping for. And that's alcohol, that's now alcohol, that's light alcohol. That's huge innovation on pack variants and formats and flavors and working closely with our trade partners to figure out how to drive the energy back in the category, which has been over the course of the last 4 or 5 years. And then we're also saying that we will do other interesting things that sit around that, but we're not going to detail what that is.

Just a follow-up to -- just around -- I think previously, you talked to margin on get assets within retail. Do you still perceive that? And how do you weigh out between margin and top line is top line really the priority over the next 6, 12, 18 months?

Look, I think -- the most important thing for us in retail, and most of you had picked this long before I started. But the most important thing in our retail business is that we're growing. And to focus on margin as opposed to serving the customer and driving growth means that it's diminishing returns, and it's a very difficult slide because your fixed cost ultimately eat you. And so we have very high confidence we can deliver very strong earnings growth. We're not going to commit to margin targets because that would be to commit to the into the past. And we're not going to be specific about what that looks like because we know you expect us to deliver, not make promises.

Craig Wolford from MST Marquee. You talked about growth, and I agree that every business needs growth. What do you see Endeavour's role in driving industry growth in liquor. It's obviously been very weak on the retail side for quite a few years. And what settings have you got with your strategy around what industry growth will be?

Well, I guess the first most important thing that you probably pick up from looking at our strategy is there's no part of our strategy that depends on industry growth. We have the ability to drive growth without the industry growing. And so if I've ever seen a business that has more potential than ours, given our market strength and our lack of focus on leveraging our leadership. I can't think of what it is. So this is a strategy that is independent of needing the market to grow. That said, I look at the industry, and I think shame on us because we have all this data and wisdom and insight and we're not driving innovation against the things that matter. And we're not doing that looking at each generation of consumer, and we're not looking at it through the lens of the different types of consumers across those generational platforms. And I know that our biggest trade partners believe the same thing. And we've got a lot of data they don't have access to. And together, and they've got data we don't have access to. And together, we have a very big innovation agenda. It's on us to drive the energy in the category. We're such a big player and the market is so fragmented, nobody can afford to do what we can afford to do and it's on us to do it, and we intend to do that.

Does that mean a change in the data sharing arrangements you have in liquor with suppliers? .

It definitely does.

It's Bryan Raymond JPMorgan. First 1 is just on Dan Murphy's and the pricing approach you guys are taking in the gross margin outlook. You do once again, you're not going to be beaten on price, which absolutely makes sense. Just thinking about the storewide discounts, in particular, that are online. And right now, there's a 14% discount on there, and it seems like pretty consistent that there will be something in 15% given your 23% gross margin or thereabouts, it's pretty hefty sort of funded only by Endeavor you're putting through there. So I'm just interested in how you're thinking about that going forward, if that's a reactive tool to your competitors or something you expect to just be in the base going forward because it is obviously weighing on your gross margin to some degree, given your online growth has been very high.

Sure. It's a great point. So there are two aspects of the price reset. One is that we reset shelf prices in Dan Murphy's so that we delivered on the commitment that we've made to customers, which is you go shop at Dans and you walk away with material savings and we'll -- that will never change. The second piece of it is the promotional activity, and that comes from us saying, we are competing. We're not going to sit on the sidelines and let somebody do crazy cat stuff and still customers and share from us, which we had been doing. We're not going to do that anymore. And Katarrested that, and we've taken that to its fullest. That is entirely market-driven. And we have the best EBIT margins in the industry. I can't see how that continues for a long time. But as long as it goes, that's what we do, and that's embedded already in the margins that we have discussed with investor community.

I guess the way I look at it, though, you're starting prices are a fair bit lower than some of your competitors out there and you're offering like-for-like store-wide discounts. It just feels like you're going over and above some of pet that sense.

Going to do anything that we think is over and above. And so we just -- we're going to compete, and we're not going to apologize for being competitive and nobody is going to take us apart on price.

Just second 1 for me if I can, is just on BWS and just the store network. And I think you guys highlight the breadth of the network there over 1,400 stores. And also given the relatively fixed cost labor pool you have in the store with, I think it was 1.7 people on average per store, wage rates probably we're going to hear shortly from the fairwaCommission isn't going to be a low number. How you guys are thinking about store profitability and store growth and whether you need 1,400, 1,500 stores. Could -- is BWS still in growth mode? Or is there an opportunity to rationalize that network? I'm sure there's a tale of stores that may be on as profitable as some others.

Yes. And look, the reality in our business is that we -- our strategy is not a store growth strategy. Those days, we think, are done, at least in the way that we see the next three years. But that doesn't mean we're not adding stores and it doesn't mean we're not the leading stores. So we will be adding stores, we will be deleting stores. We'll be managing the portfolio the way you'd expect us to manage the portfolio against changing demographic shifts and where the growth areas are and new community developments and all that sort of stuff. So we will be growing, but we will be deleting and we don't think that the net position driving huge growth. We also don't have any plans at this point to dramatically reduce the footprint. And I said at the start, scale is one of our biggest advantages. We are twice the size of 7-Eleven. We are bigger than McDonald's. We serve the community. I love Jeannette's point. We're 10-Ks from everybody who lives in an urban community in Australia. That is a huge asset as a retailer and so we view it as exactly that. It's on us to make sure that we use that space productively. And what we're saying to you today is we're clear that we're not using the space as productively as we could be. And we could have done things a bit differently in the past just in our category, let alone thinking about making sure that we're serving our customers' needs in the most lateral context.

On loyalty. You have, I think, maybe 3 or 4 loyalty assets. I think pubs in hotels, but my Dans, Everyday Rewards and then you've got Appydeals. Do those systems talk to each other do you glean insights from that? Or do you need to invest more to actually get access to what part we get insights out of the engagement that you have with customers?

So look, that's an excellent question. And as I noted earlier and has been made clear by Katrina and Janet and Benjamin to understand our customers and the customer data that we have is super critical. I've talked about the importance of making sure that we're thinking about customer laterally across group. And so we will do all the appropriate things to make sure that we bring that to life and monetize it appropriately.

Do you know your customers across different data pipe that Matt, the tequila guys. .

I'm not going to talk about whether you know them.

That, that individual might be in my dams and also might be an everyday rewards member or can you identify customers so that you can see how they're transacting with you across the various hotels, but also the different retail brands you have.

Yes. Look, I would say that our data and our systems are not perfect. I don't know many businesses who have a single view of customer in the organizations and most tried, spent walking amount of money and then it's obsolete by the time they get there. And so we're being quite pragmatic about that, but recognize that we understand how important that data is and it's how important the opportunity is to unlock the cross-flow benefits in our portfolio.

Great. And my second question is just around revenue growth seems to be the priority. Do you anticipate you'll get EBIT growth in fiscal '27? Conscious of there's price investment that's probably been 9 months of fiscal '26 in retail. So there's a bit to go in the first quarter. You've got the $100 million savings. But just curious if you can get EBIT growth in retain fiscal '27 ?

Well, look, we're not going to be frustrating I'm sure, but we're not going to be putting out forecast for '27. And or try and frame that in a particular way for a bunch of reasons. But at top of that list is who knows what's going to happen in '27. There is a fair amount of uncertainty at the moment. . All we're doing is ensuring that, one, there are 2 things in focus, cost out and revenue up. And those are the 2 things that are in focus across the entire portfolio. And I'm very confident that we can keep revenue growth happening even once cycle on top of the price changes and price reset. Why do I think that? Hopefully, you get a sense from the things we're talking about. We have lots of levers to pull to improve the footfall into the stores, improve the basket size the experience that we're delivering to customers. We know what our dropout rates are when people are coming through various different channels into us. We see lots of opportunities for improving revenue growth. They're not finishing on the basis of cycling price. I can't predict what's going to happen next year. I can't predict wage increases. We know we're going to have hepat inflation than we want. And by the way, an ask to advocate for the consumer. It's on us to work closely with our suppliers to ensure that we protect as much as we can, price increases from the consumer as we also don't think that's healthy in a time where we've got such significant inflation coming. So we're conscious of the world around us. We're obsessed with two things: revenue growth and cost reduction. And we know we're headed into -- where we're in a more uncertain world than we've been in for at least five years. And so we just have to be faster our feet during that. And by the way, we've had to do that in the past. So I think most of us have gotten a little bit used to sadly being creative and flexible in adjusting course quickly.

[indiscernible] from Macquarie here. In a similar vein to a couple of the prior questions, but I appreciate the price investment, which looks like it will still be a feature for some time. But also the sort of focus on in-store experience and customer engagement, just how you're sort of thinking about the sustainability in terms of that cost to serve as you look to still engage customers and sort of drive the category.

Sustainability in what sense?

Just in terms of not continually having to reinvest in price and the GP margin pressure that we'll probably see at least in the short term?

Yes. Look, I think we've done the price reset. The only thing that would cause us to need to go more is that the whole market decides to price reset. I can't see how that happens. As I said, our scale is a massive advantage and you'd expect us to work hard to understand the world around us as much ourselves and as much as the customer. And so I don't see the need to do that. We will do that if we have to, but that's not anywhere near our plans. We don't need to keep taking price down to drive revenue. We've done a price reset that ensures that Dan Refi's is in the right position with respect to the proposition it provides to the marketplace. Benjamin talked about the importance of getting more sophisticated in the way that we do that, which means it will cost us less. And we're not talking about how much less or anything else, but we will get smarter and better at how we manage price, and we will get smarter and better at how we manage cost. And both those things are to the net benefit to the bottom line.

And the second question, if I could. Private label, I'm sure we'll hear a bit more about that later on. But Jane, you've said previously that private label still has a role to play across the retail banners, but obviously, with the news this morning that some curtailment happening there, just say sort of thinking about the role that private label now has to play off the back of the news that we saw this morning?

Yes. Look, the news this morning is not in any way diminishing the role that Pinnacle plays serving our retail businesses, and it doesn't diminish in any way the importance of private label to retail. What we're effectively saying is we don't need all those assets to do it. And so we're selling the assets, we fully intend to keep selling the products, but we don't have any need to have the assets in order to manage those brands. And so we've said today that we're going to sell everything that isn't germane and core to what Pinnacle does every day to provide great products to Dan Murphy's and BWS to ensure that we're positioning appropriately to consumer taste and needs.

It's Michael Simotas from Jefferies. I've got a couple of follow-ups, if that's okay. The first one on pricing. I just want to understand your confidence that the price reset has been enough to restore the customer value proposition of Dans. And the reason I asked that is 10 years ago when Dan was really firing, it was not impossible to find a lower price on anything anywhere I still can now. And maybe that's pricing being more dynamic and more visible. But is it a case that you just don't need to get back to where Dan's is? Or is there potentially more that sorry, where Dan was -- or is there potentially more that you need to do?

So I'm guaranteeing that Benjamin is keen to talk to you about what you're seeing, where you're seeing it -- because the intention is nobody's beating dance and that there is daylight between Dan's pricing and the rest of the market. And I think we're very confident we're doing that. And I don't know what the ratios would be, but I would assume that we are very confident we're doing that 99% of the time. And so we have lots of technology to help us understand what's going on around us with pricing to ensure that we're continuing to, of course, correct and adjust. I don't know if you want to add to that, Benjamin.

Yes. I think pricing is a sophisticated layer cake of your on-shelf pricing, your proactive promotions that you're doing in market, your reactive promotions you're doing, which has been called out and at the very last straw, there's the opportunity to have the price beat, which is unique to the market to Dan. So if you do find that product, go see Brent in the store, and he'll absolutely beat that price that you found.

Okay. And then the second 1 on Pinnacle exclusives private label. I know that the chart on Slide 23 for Dan's subcategory. But just interested sort of broadly speaking, what private label would look like in terms of profitability per linear meter for your business versus branded categories? Do you think you're getting enough out of your shelf space in private label? Or do you need to potentially adjust the products, adjust the penetration in that category to optimize your space?

Look, I think we might have announced in January that we had done a SKU rationalization in Pinnacle. So we did that already before we even started the year. And so that's an ongoing process just like it should be for third-party products. So we won't manage the Pinnacle skews any differently to the way that we manage the rest. And we're very proud of the benefit that private label products bring to the P&L, but we want to talk about specifics.

Does it need to be as profitable per square meter as branded to deliver needed to do.

It's more. So there's no -- we're managing SKUs because they're in private label and every retailer should be delivering more margin per square meter than the other products. And so we're very focused on managing SKUs to ensure that we are playing the right role with our private label products, and we're sitting squarely on the right mix of customers as we do that and we have quite a good laddering approach in the way that we manage it. So the thing that we haven't done is look at performance per square meter, and we've done that, and we have deleted range as a consequence. But that's been done, and we announced that in January and by the way, you're never done with these things, and Benjamin talked about it earlier, you're constantly evaluating how well the SKUs that you're carrying are performing. And Dan Murphy stands for 2 things, not just price, but price and the most extraordinary range you could find anywhere in the country. Like the nobody can beat dans on range and nobody can beat dans on value. And our range is exceptional. And we have some very expensive scotches in inventory. If anybody is interested, Benjamin's got a list of things that you might want to bid for at the end of the day. But there we've probably gone a little bit too crazy on range and and Benjamin is talking about bringing that back in. But we also haven't thought clearly enough about how to use omnichannel against the spectrum of customers that we have and against the spectrum of range that we have. And so there's plenty of opportunity for us to continue to innovate on that count in terms deliver range at great value.

Jane, it's Tom from Baron Joey. Just a question on how you're looking at the retail category growth. Obviously, absence is up when people do drink, they're drinking less and less frequently and they're also shifting more to the on-premise channel, which your market share is a lot less in that channel versus the retail channel? So how do you kind of think about all those factors and how you're setting, I guess, the business up for category growth? .

So look, I think we've talked about that a little bit already, but the -- a couple of things, you made some just very big general statements which aren't actually factually all true. People have there are a variety of different behaviors out there. Some people are drinking a whole lot on certain occasions and then not very much outside of that. Some people are just doing what they've always done. Some people are drinking generally less. The next generation, like when I told my 18-year-old that is contemplating accepting this job, he would like so excited is like airlines and now BWS. And he's like, "Oh, like you just couldn't be more excited and more proud. And I'm like PWS, I was expecting to say dance, but it was BWS. Why? Because that's his generation. And so what I would just say to you is that we -- this market is not a one size fits all, and there's not one general behavioral trend. There are a variety of behavioral trends we have not been paying attention to them in the way that we could have and should and will and are now. And it's on us, to be clear, about the huge color and richness in Australia and how we play that color and richness with the right products and services, given our extraordinary retail positions, both in breadth and in depth, and so that's on us. And it's on us to work with our suppliers to ensure that we're innovating against that insight and clarity so that we're playing into the needs of the 18-year-old community and the 19-year olds, the 20-year-olds and all the way up through starting to get more serious in life. And we just frankly haven't. The industry hasn't. And what you see in that next generation coming up is really -- they go out and they have a lot of fun. They're not drinking a lot in the pub and they're not drinking a lot in the club. That doesn't mean they didn't drink a lot that night. Can guarantee that they have, but they've done that at home with their mates. And they go into BWS and they load their pockets up with singles that they can drink on the way to where they're going or they take it over to friend's house. Bottle of oka red bulls in a refrigerator is kind of a normal thing. I know when I get home at the end of the night, if I've been out for dinner with some friends, I opened up the fridge and there's core a bottle of acaleft and there's 1 red bull. I know what happened in my house before they went out. And so I just -- I think we just need to be thoughtful about the fact that there are a variety of things going on around us. And health trends are really important to be paying attention to and understanding and for us to be responsive that. And so I think we're not going to be specific about how we're managing it, but we're not worried about the category. We are very conscious of our footprint and our role in serving the community in both retail and in hotels making sure we're taking advantage of the opportunity that we have every day. We have a huge footfall through our stores, and we have people coming into our stores who have broader needs and they're there for a particular purpose and we haven't been as good as we will be with respect to serving that.

Your kids sound, lots of fun to go them. Is it fair then to say that you're expecting faster growth in the category versus what we've seen over the last 2 or 3 years for some of those points you called out?

Look, I think it's going to take some time for the category to get it to act together. There are two things that are happening at once. And -- so we've just got to be mindful of that. But what we would hope to see is that we're bringing the energy and the fund back to the category. And that comes through the life in the color and flare we bring through two extraordinary brands. But the most important message you take away from today is that we are agnostic as a business with respect to whether the category is growing or not in terms of our ability to deliver earnings growth to you.

It's Peter Marks from Goldman Sachs. Just a follow-up question on Pinnacle and the interplay with your comments on space allocation. Do you think in, I guess, over the past 5 years, there's been too much space allocated to Pinnacle. Look, I think the last time you disclosed that it was up to 18% of your sales. Is that too much? And do you need to wind that back just to get your range right? And how do you balance that with margins, I guess that's a higher-margin category for you?

Look, again, we're not -- thank you. Like I was just about to create a disaster. Thankfully, it was almost empty. The -- I'll say a couple of things and then pass it over to Benjamin Janette, but the roll Pinnacle plays in our business is a really important role but that's driven by what matters to customers. And so we're starting from customers. And if customers preference clinical products over other products, then we'll add shelf space to those products over other products. And if they don't, we won't. And so it's a pull-through demand-driven strategy. It's not a -- we decide and we're managing the margin, therefore, we push out because that's not smart and it doesn't lead to volume growth.

Do you think that's what's happened, though, I guess, is the question?

Look, I'm not -- I don't have the ability to look clearly back through history, and I don't know how helpful that is, but I know what it looks like going forward and how important it is to us, just to be super clear about customers. And Benjamin, you might want to just talk a little bit about how you're thinking about space in the management space between the various different choices that you.

Yes, absolutely. So as Katrina said in her opening, we launched about 1,000 products into our business, both Pinnacle and proprietary brands. What we possibly haven't been as good at is getting out of the long tail that we've got. And so that announcement around the long tail. Some of that is absolutely Pinnacle product. I think what we're really focused on is delivering the right product for the right customer in the right location, and Pinnacle plays a pivotal role in that in allowing us to bring products quickly to market through new product development through that vertical integration, offer them competitively to our customers. And we have some absolutely fantastic products delivered through our Pinnacle business business that are -- would be absolute assets to have on new shelf at home. There are some incredibly great wines and products in delivering to us. Can we get tighter? Can we get faster on the range turnover? Absolutely. But it definitely deserves a role within our business.

And Jeanette, we got a similar sort of perspective. You want to to how you're thinking about SKU management and range in BWS.

I would say this often, we're 139 square meter box, and we need to make sure that every line we have in our store works hard for us. And so we will ensure that we tailor our range to meet our local customer needs, whether that's a pinnacle product or one of our trade partner products and getting the density of that right is critically important. Private label play is an important part for us. And there's some lines that our customers absolutely love. And we need to do better in terms of giving them more space. But equally, there's some lines that shouldn't be in our store. And when we do delete lines, leaving them in our shop and not clearing them out creates absolute havoc in a box our size. And so we will do a lot of work to make sure that we clear out on the range that should not be in our stores anymore.

Okay. We might wrap there and then move because I know Paul is going to get up on stage and content doesn't get to leave. But we might wrap there. And then if there are any questions that we didn't get to, circle back and cover those off a bit later. Thank you guys. [This call length has exceeded streaming capabilities – Please refer to the preliminary transcript that will be posted shortly.]