ohcado topped the FTSE 100 this morning thanks to its victory in a US patent infringement lawsuit that helped distract investors from declining sales.
The online grocer has been cleared of any patent infringement following several claims by Norwegian robotic warehouse company AutoStore.
The company, which is a joint venture with Marks & Spencer, said sales in the 13 weeks leading up to November 28 fell 3.9% to £ 5,478million, which it blamed on pressure on costs, staff shortages and the return of workers to the office.
However, sales remain well above pre-pandemic levels – up 31.6% – and bosses have said they are easing price hikes and dry ice shortages to ensure that they have the “best” Christmas time.
Ocado has also released a bullish outlook for 2022, forecasting revenue growth of 10-15% as it increases capacity. Shares jumped 6.7 pc.
Melanie Smith, General Manager of Ocado Retail, said:
The investments we have made over the past year mean that we have significant growth capacity in 2022 and we will continue to invest in facilities, systems and people over the coming year to achieve our long-term growth potential.
We are working hard to manage the current challenges of the industry, and Ocado Retail has great momentum as we prepare for another record-breaking Christmas and further solid progress next year.
More about this article: Read More
Source: www.telegraph.co.uk
This notice was published: 2021-12-14 10:01:09
