Ocado narrows full-year losses as sales surge
Ocado has reported a spike in full-year sales as demand for online grocery during the pandemic jumped in what boss Tim Steiner says is a permanent shift in consumer shopping habits.
The online grocery retailer reported a pre-tax loss of £44m in the 52 weeks to November 29 compared with £215m the previous year.
The etailer’s group EBITDA during the period surged 69% to £73m as group sales climbed 33% to £2.3bn.
Ocado’s retail revenue jumped 35% year on year to £2.2bn, while its UK solutions and logistics arm rose 14% to £654m as the retailer ploughed investment into its capacity and technology during the pandemic.
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