Sep 17, 2019

Ocado retail sales growth accelerates ahead of M&S tie-up

Ocado's retail sales returned to double-digit growth in the third quarter as the UK online supermarket recovered from a major warehouse fire last summer and shrugged off the general malaise in the sector. Melanie Smith, the newly appointed chief executive of Ocado Retail, said the results "Show the resilience of Ocado following the Andover fire and the momentum the business now has". Ocado and M&S announced a deal in February for the department store group to buy half of Ocado's retail business for £750m - creating a joint venture that would allow M&S to break into online food delivery. The deal was completed in August, but Ocado Retail will not start selling M&S food until September 2020, when it will stop supplying the Waitrose groceries it has stocked since its inception in the early 2000s. Ocado did not report results on Tuesday for its technology business, Ocado Solutions.

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