Sep 15, 2020

Ocado supermarket JV expects full-year profit increase as sales surge

Ocado has reported a 52 per cent rise in quarterly sales in its online supermarket and expects the venture's profits to grow this year, but the grocery delivery group reiterated a warning that significant capacity increases would not come through until 2021. Orders per week averaged 345,000, only 9.6 per cent higher than the same period last year. Duncan Tatton-Brown, chief financial officer, said Ocado's capacity would not rise meaningfully until next year. Ocado will open new warehouses in Bristol, Essex and Hampshire next year, although the latter site merely replaces a unit destroyed by fire in 2019. The joint venture with M&S expects to report full-year earnings before interest, tax, depreciation and amortisation of £40m, up from £35m last year.

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