Ocado says switch to online shopping is permanent

PAUL ELLIS/AFP VIA GETTY IMAGES Online grocer Ocado says the switch to internet shopping amid the coronavirus lockdown has led to a "Permanent redrawing" of the retail landscape. "We are confident that accelerated growth in the online channel will continue, leading to a permanent redrawing of the landscape of the grocery industry worldwide." After raising £1bn through an equity and bond issue last month, Ocado said it had £2.3bn in cash on its balance sheet. "There is evidence to suggest many shoppers will likely continue buying their groceries online once lockdown measures have been lifted completely, but it will be difficult for Ocado to maintain the sales registered at the peak of the crisis," said John Moore, senior investment manager at Brewin Dolphin. "Nevertheless, Ocado has a strong balance sheet and the Covid-19 pandemic has super-accelerated many of the trends that have led to its exceptional share price growth over the last few years, placing the company in a good position for the future."

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