Demand for grocery deliveries drives Ocado Retail revenue up 37%

British online supermarket Ocado Retail said revenue rose 39.7 per cent in its first quarter to February 28th, an acceleration from the previous quarter, reflecting continuing strong demand for grocery deliveries during the Covid-19 pandemic.

Ocado Retail, a joint venture between Ocado Group and Marks & Spencer, said revenue totalled £599 million versus £429 million in the same quarter last year. Revenue growth in the previous quarter was 34.9 per cent.

The company is talking to lots of retailers about potential technology partnerships, though deal progress is being hindered by the impact of the Covid-19 pandemic on travel, its boss said. “There are a large number of conversations going on with a number of retailers that look like very interesting opportunities for Ocado Group,” chief executive Tim Steiner told reporters. But he said it has been difficult to visit potential new clients and for them to visit Ocado facilities in the UK.

“Those difficulties are hopefully starting to subside, or at least information about starting to subside is starting to come out.

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“It’s not yet easy to get anybody into the UK and out of the UK, and it’s not yet easy for us to travel around the world in a way that it was pre-pandemic,” Mr Steiner said. – Reuters