Yes seems the update was inline with market expectations @mikebrisy

What was a bit more surprising was the size of the protest vote on CEO rem as below pulled from the AFR today. I was expecting a strike but this is a big one. And given the way Blundy has basically said thanks for the feedback but we aren't changing...they are much more likely to actually face a Board spill next year...

I am sure the CEO is great and works really hard etc. But let's say he was paid $10 million this year (still a hefty salary by listed retailer comparisons), it would have added $20 million to EBIT and probably around 12c or 20% to EPS for the year. In turn shareholders would most likely be sitting on a 10 to 20% increase from the current share price right now if that was the case. And if he didn't want the job for say $10 million is he really the right guy???

AFR article

Brett Blundy, the billionaire chairman of Lovisa, says he will not buckle to investor concerns over excessive remuneration, after shareholders voted against the jewellery chain’s pay report for a third year running.

Proxies showed that at this year’s in-person-only annual meeting 73.68 per cent were against the pay report, delivering the retailer another strike, and making it the largest no vote recorded. In 2021, 47.76 per cent proxies voted against the report. Last year, a board spill motion was called but voted down after the company received a second strike.

The pay report shows a staggering $30 million salary for its chief executive, Victor Herrero, a 13-year veteran of Spanish retail giant Inditex, the owner of Zara and Pull & Bear.

Lovisa CEO Victor Herrero

But Mr Blundy, who via his BB Retail Capital owns per 40 per cent of Lovisa, shrugged off the vote, saying the board has “the best intent for the best results and will continue to function that way”.