Record grocery sales are coming at a cost for supermarkets
After a rocky start, UK online grocer Ocado has become a standout performer during the coronavirus pandemic.
Revenue is up 40% from the previous year, and the stock has soared a similar 40% since January. Ocado still can’t fully meet demand from existing customers and its virtual shop remains closed to new ones. Customers are ordering bigger baskets. Warehouses are running at peak efficiency. And yet, Ocado chief financial officer Duncan Tatton-Brown told investors in an update May 6, the company is no more profitable than before the pandemic.
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