Ocado losses hit £500 million
By Sarah Wood | 28th February 2023
Online supermarket, Ocado, saw a pre-tax loss of £501 million, up from £177 million the year before.
Ocado Group's joint venture with Marks & Spencer has been hit by the cost-of-living crisis and a return to normal shopping habits after the pandemic, as reported by Retail Gazette.
Retail sales were down 3.8% to £2.2bn, as less people shopped online and customers bought fewer items.
But the company said its partnership with M&S has shown resilience against a challenging retail backdrop and has grown customer numbers and increased online market share.
Ocado is looking to be a technology partner for other supermarket chains internationally. If it wins those contracts, it is likely to turn the business around.
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