Dec 10, 2020

Ocado Retail profits to double as shoppers stay at home

Ocado has lifted the full-year profit forecast for its online supermarket to double the previous year, as England's second lockdown kept shoppers buying groceries on the internet ahead of the festive season. The company said on Thursday that sales at Ocado Retail, a joint venture between Ocado and Marks and Spencer, increased 35 per cent to almost £580m in the 13 weeks to the end of November, the final quarter of its financial year. The jump in sales over the previous quarter was driven by online buyers shopping throughout the week amid tighter coronavirus restrictions in November and greater seasonal spending. "Increased social-distancing restrictions, in place nationally since early November, contributed to continued strong trading performance at Ocado Retail," the company said. Get alerts on Ocado Group PLC when a new story is published.

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