0020 GMT - Jefferies analysts Michael Simotas and Naveed Fazal Bawa say Australian grocer Woolworths's 1H result was a miss, driven by the main Australian food unit and W Living. Group earnings was 3% below consensus, reflecting a hit from a worker strike and consumers being more willing to shop around. But the analysts also see reasons for optimism. The troubled New Zealand food unit showed some signs of improvement in the half. In addition, the trading update for the first few weeks of 2H show improvements in the Australian food business, and 2H guidance is slightly ahead of consensus expectations. Investors still seem cautious for now, with Woolworths shares bouncing between small gains and losses in early trade. Jefferies has a hold rating on the Aussie grocer. (mike.cherney@wsj.com; @Mike_Cherney)
(END) Dow Jones Newswires
February 25, 2025 19:20 ET (00:20 GMT)
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