Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Stock News

Online supermarket Ocado’s sales soar 40% in lockdown Britain

by
May 6, 2020
in Stock News, Top News
0
Online supermarket Ocado’s sales soar 40% in lockdown Britain
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter
imageTechnology1 hour ago (May 06, 2020 05:35AM ET)

(C) Reuters. FILE PHOTO: An Ocado delivery van is driven along a road in Hackney, London

LONDON (Reuters) – British online supermarket and technology company Ocado (LON:OCDO) said on Wednesday retail revenue had soared 40.4% year-on-year in its second quarter so far as shoppers in coronavirus lockdown sought deliveries to avoid venturing out.

That compared to growth of 10.3% in its first quarter to March 1, sending its shares up 3% at 0705 GMT, extending gains for the year to 35%.

Britain has been on lockdown since March 23 but Prime Minister Boris Johnson has said the country is past the peak of the pandemic.

He is expected to set out a plan on Sunday on how it might start gradually easing restrictions to allow a return to normal life.

Ocado said it had adapted its platform and ramped up capacity rapidly in order to meet unprecedented demand and was now delivering significantly more groceries to UK households than ever before.

It noted that the number of items per customer basket appeared to have passed its peak but remained high, as more normal shopping behaviour had returned.

The share of fresh and chilled products in the mix, relative to ambient store cupboard items, was also returning to normal, it said.

Ocado said it expected the long-term shift towards online grocery to accelerate post the COVID-19 crisis.

But it highlighted uncertainties about the length of the crisis, customer reaction immediately afterwards and its long-term impact on customers’ disposable incomes.

It said it had suspended its guidance for retail revenue for full year 2020 until it could accurately forecast likely outcomes.

Ocado’s retail business is a joint venture between Ocado Group and Marks & Spencer. Ocado’s supply deal with Waitrose will finish at the end of August, when it will be replaced with M&S.

Ocado has a stock market capitalisation of 12.2 billion pounds ($15.2 billion), which is more than the combined market capitalisations of Sainsbury’s, Britain’s No. 2 supermarket group, and Morrisons, the No. 4 player.

The share price has mostly been driven by its state-of-the-art robotic technology which has enabled it to win partnership deals with supermarket groups around the world, including Kroger (NYSE:KR) in the United States, Casino in France and Aeon in Japan.

In the second quarter Ocado delivered its first international robotic warehouses, which it calls customer fulfilment centres (CFCs), to Casino and Sobeys.

It said that despite the crisis it was not experiencing any material delays in the delivery of future CFCs for Ocado Solutions customers.

The group added that it has 1.2 billion pounds of cash on the balance sheet.

Ocado investor Royal London Asset Management said it will vote against the online grocer’s pay report at Wednesday’s annual meeting, calling Chief Executive Tim Steiner’s 58.7 million pound reward “excessive”.

Online supermarket Ocado’s sales soar 40% in lockdown Britain

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

ShareTweetPin

Related Posts

Editor's Pick

The New Canadian Business Is Here!

October 4, 2021
The New Canadian Business Is Here!
Editor's Pick

The New Canadian Business Is Here!

October 4, 2021
bose corp
Top News

Bose Stock: Advantages of Investing in the Modern Audio Business

July 13, 2021
HEB store
Top News

What Is the HEB Grocery Stock Price & Value?

July 7, 2021
OnlyFans logo
Top News

OnlyFans Stock: What Is the Point to Invest in Popular Adults Only Service?

July 6, 2021
what is IV crush
Top News

IV Crush: Why You Should Be Aware of a Volatility Crush

June 23, 2021
Next Post
Judge reinstates New York presidential primary canceled by state

Judge reinstates New York presidential primary canceled by state

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Padios wins first Philippine gold in 31st SEA Games in pencak silat

May 11, 2022
Lower sovereign yields to stay as global economy in recession: Reuters poll

Lower sovereign yields to stay as global economy in recession: Reuters poll

March 25, 2020

UK males are the most devious and deceptive when it comes to getting hired

May 4, 2021
GS Warriors out to craft response in Game 2 vs Celtics

GS Warriors out to craft response in Game 2 vs Celtics

June 5, 2022
BOJ to Sit Tight While Assessing Virus Response: Decision Guide

BOJ to Sit Tight While Assessing Virus Response: Decision Guide

June 14, 2020
Kamala Harris to get Democrats’ nod, Obama to say Trump has failed

Kamala Harris to get Democrats’ nod, Obama to say Trump has failed

August 20, 2020
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.