May 6, 2020

Ocado suspends guidance despite sales surge

Ocado said retail sales were up by 40 per cent in the second quarter but still withdrew its full-year financial forecasts citing uncertainty about consumer behaviour in the later stages of the coronavirus pandemic. Ocado is expected to face a revolt from shareholders at its annual meeting later on Wednesday after advisory groups urged them to vote against its pay policies. About a quarter of investors voted against Ocado's remuneration report at last year's annual meeting. Ocado has benefited from a surge in demand for online grocery delivery since the start of the coronavirus crisis. In a trading update in March the company said sales were running 10 per cent higher, although its ability to profit from the surge was constrained by the relatively fixed capacity of its distribution centres.

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