Dec 14, 2021

Latest news updates: Ocado sales to fall as shoppers return to stores

The company, a joint venture between Ocado and Marks and Spencer, said revenue and profits for 2021 would be in line with previous guidance and that sales growth in 2022 would be "At the top end of the historic pre-Covid range of 10-15 per cent" as new capacity comes on stream. Sales growth at the online grocer has slowed from last year's peaks and its share price fell 7 per cent over the past month. The ADB revised its growth forecast for 2021 down to 7.0 per cent from 7.1 per cent, and to 5.3 per cent from 5.4 per cent for 2022, as new outbreaks of the coronavirus hit the economy in the third quarter. Over the past year, more than 484m vaccine doses have been administered in the US. Almost 202m Americans, or 60.8 per cent of the total population, are fully vaccinated, and 26.6 per cent of that group have also received booster shots. Financial markets are pricing in a roughly one-in-three chance that the Bank of England will raise UK interest rates from 0.1 per cent to 0.25 per cent when it meets on Thursday, while the European Central Bank is also under growing pressure to reduce its monetary stimulus.

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