Ocado investments hit half-year profits as sales jump
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.
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