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<\/div>\n\/\/<\/span> Ocado posts a loss before tax of \u00a3501 million for 2022, while retail sales slip 3.8% to \u00a32.2 billion<\/h6>\n\/\/<\/span> Retail revenue fell by 3.8% to \u00a32.2bn in what the firm called a \u201cchallenging market\u201d<\/h6>\nRetail sales fell 3.8% to \u00a32.2bn in what the group called a \u201cchallenging market\u201d as the benefits of the trend towards online shopping sparked by Covid pandemic lockdowns wound down and customers bought fewer items \u201cexacerbated by the cost-of-living crisis\u201d.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nOcado Group chief executive Tim Steiner said: \u201cOver the last year every company has had its business model tested by a combination of macro-economic and geopolitical headwinds.<\/p>\n
\u201cOcado Retail, our UK JV with M&S, has shown its resilience against a backdrop of higher costs and smaller baskets, reflecting the Covid unwind and the UK cost of living crisis, by growing customer numbers and increasing online market share.<\/p>\n
\u201cAs the Covid unwind fades and customer growth continues the business will start to recover the fixed costs of recent capacity commitments.\u201d<\/p>\n
Gowling WLG retail partner Jocelyn Paulley said: \u201cAs Ocado has been experiencing difficulties since the end of the pandemic when demand for its delivery service dropped and investors will be wary of a challenging period ahead as shoppers tighten their belts amidst economic uncertainty and increased energy costs eat into the company\u2019s margins.<\/p>\n
\u201cHowever, the food retailer is actively seeking to be a technology partner for other supermarket chains internationally, and if it is able to secure a number of contracts in this area, then this is likely to contribute to a turnaround for the business.\u201d<\/p>\n
Retail sales fell 3.8% to \u00a32.2bn in what the group called a \u201cchallenging market\u201d as the benefits of the trend towards online shopping sparked by Covid pandemic lockdowns wound down and customers bought fewer items \u201cexacerbated by the cost-of-living crisis\u201d.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nOcado Group chief executive Tim Steiner said: \u201cOver the last year every company has had its business model tested by a combination of macro-economic and geopolitical headwinds.<\/p>\n
\u201cOcado Retail, our UK JV with M&S, has shown its resilience against a backdrop of higher costs and smaller baskets, reflecting the Covid unwind and the UK cost of living crisis, by growing customer numbers and increasing online market share.<\/p>\n
\u201cAs the Covid unwind fades and customer growth continues the business will start to recover the fixed costs of recent capacity commitments.\u201d<\/p>\n
Gowling WLG retail partner Jocelyn Paulley said: \u201cAs Ocado has been experiencing difficulties since the end of the pandemic when demand for its delivery service dropped and investors will be wary of a challenging period ahead as shoppers tighten their belts amidst economic uncertainty and increased energy costs eat into the company\u2019s margins.<\/p>\n
\u201cHowever, the food retailer is actively seeking to be a technology partner for other supermarket chains internationally, and if it is able to secure a number of contracts in this area, then this is likely to contribute to a turnaround for the business.\u201d<\/p>\n
Ocado Group chief executive Tim Steiner said: \u201cOver the last year every company has had its business model tested by a combination of macro-economic and geopolitical headwinds.<\/p>\n
\u201cOcado Retail, our UK JV with M&S, has shown its resilience against a backdrop of higher costs and smaller baskets, reflecting the Covid unwind and the UK cost of living crisis, by growing customer numbers and increasing online market share.<\/p>\n
\u201cAs the Covid unwind fades and customer growth continues the business will start to recover the fixed costs of recent capacity commitments.\u201d<\/p>\n
Gowling WLG retail partner Jocelyn Paulley said: \u201cAs Ocado has been experiencing difficulties since the end of the pandemic when demand for its delivery service dropped and investors will be wary of a challenging period ahead as shoppers tighten their belts amidst economic uncertainty and increased energy costs eat into the company\u2019s margins.<\/p>\n
\u201cHowever, the food retailer is actively seeking to be a technology partner for other supermarket chains internationally, and if it is able to secure a number of contracts in this area, then this is likely to contribute to a turnaround for the business.\u201d<\/p>\n