Australia's Wesfarmers rises on plan to wind down e-commerce retailer Catch

WESFARMERS

21/01/2025 04:37

(Updated price moves, added brokerage comments)
    ** Shares of Wesfarmers  WES.AX  up 1.2% at A$72.62
    ** Stock rises as much as 1.4% earlier in the day, hitting
its highest since Jan 10
    ** Conglomerate says its loss-making e-commerce retailer
Catch will cease to operate as a standalone entity in Q4
    ** Co expects Catch to report an operating loss before tax
of between A$38 mln ($23.68 mln) and A$40 mln for HY ended
December 
    ** Jefferies sees Catch shutdown as positive development,
given intense competition for customers and search traffic in
the sector
    ** Brokerage, however, keeps estimates unchanged at this
stage
    ** Stock up nearly 2% this year, including day's move

    ($1 = 1.6049 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))