How Wesfarmers took Catch from profitable to loss-making in four years
On an investor call last Wednesday, Wesfarmers CEO Rob Scott was forced to explain the $108 million loss, including $33 million in restructuring costs, that the retail conglomerate booked at its off-price online retailer, Catch, in the first half of FY23. Following the online retailer’s $58 million loss in FY22, and $24 million loss in FY21, the result was described as “frankly unacceptable” by Bank of America’s David Errington, and prompted blunt questions about the future of the busi This…