Mar 20, 2018

‘Beast from the East’ holds back Ocado

Britain's spring cold snap has hurt sales growth at Ocado, the online grocer has said. In the 13 weeks to March 4, Ocado said that while its retail revenues were 11.7 per cent higher than in the same period last year, growth would have been higher were it not for "Adverse weather conditions" in the final week of the quarter. Investors in Ocado, whose stock has risen 60 per cent in the last six months, may shrug off this news on its recent trading as they have become more focused on deals it has signed with overseas retailers to build robot-operated warehouses and e-commerce platforms for them. Ocado has built an automated distribution centre at Andover in Hampshire where more than a thousand robots race around a vast grid, picking out groceries to be packed into vans. We remain confident that our Ocado Solutions business will be able to do further deals with the momentum of new signings building over time.

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