Ocado’s half-year profits have declined, as chief executive Tim Steiner plans to invest more in innovation “taking advantage of a scale of opportunity that we have never seen before” in online grocery.
Ocado’s group EBITDA was down 36% to £19.8m in the 26 weeks to May 31, as the grocer increased investment in its international online solutions and technology innovation.
In the same period, sales jumped by 27% to £1.02bn, reflecting the unprecedented demand for online grocery amid the coronavirus pandemic.
UK online grocery penetration has doubled in the past few months, which Ocado says is evidence of a permanent shift in food shopping habits.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.