Ocado has said that slower growth in consumer purchases and lower average basket sizes has pushed its retail sales down by 8 per cent in the second quarter.
This compares to a decline of 5.7 per cent recorded earlier in the financial year.
In the first quarter of the year, retail revenue was down from £599 million in the first 13 weeks of 2021 to £564 million.
The online grocery retailer said that while customer numbers are up 12 per cent, the rate of growth has slowed as consumers are attracted by short term discounts and promotions amidst the cost-of-living crisis.
Ocado Retail expects that with utility prices anticipated in the autumn sales growth this year will be in the low single digits rather than 10 per cent previously forecast.
The results were published as the company’s co-owner Marks & Spencer announced strong performance despite facing economic headwinds.
Pre-tax profits at the multinational retailer jumped to £522 million in its latest financial year, compared to £403 million before the pandemic.
Latest News
-
Shein corporate affairs head says tech rather than ‘cutting corners’ has led to its success
-
Harrods takes ‘hard line’ on employee AI use
-
Tesco website and app crash due to technical issues
-
Evri to trial robot delivery dog in ‘industry first’
-
WHSmith rolls out digital voucher service
-
Morrisons to digitise store operations with new mobile platform
Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
© 2024 Perspective Publishing Privacy & Cookies
Recent Stories