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Tag: Ocado

Coronavirus: ‘More normal’ shopping habits are back, says Ocado

Coronavirus: ‘More normal’ shopping habits are back, says Ocado

Business
Ocado says "more normal" shopping habits are back after a huge jump in demand amid the coronavirus lockdown.Its customers are now purchasing fewer items than at the peak of demand, with the balance between fresh and long-life food returning to normal.The online grocer has made changes to increase the delivery slots available, including suspending the delivery of mineral water.Its revenues in April were up more than 40% from a year earlier."At the beginning of the outbreak demand increased significantly, almost overnight," the retailer said.It limited the number of items on sale initially in order to stop customers from panic buying.Ocado said these limits have since been rolled back as the number of items shoppers are putting in their baskets "appears to ...
European markets decline amid US-China tensions over Hong Kong; Ocado up 14%

European markets decline amid US-China tensions over Hong Kong; Ocado up 14%

Finance
European markets traded lower on Friday amid strained relations between the U.S. and China over protests in Hong Kong.The pan-European Stoxx 600 fell 0.4% in early deals, with basic resources shedding 0.9% to lead losses while utilities climbed 0.3% as one of only two sectors trading in positive territory.Sentiment was dampened by a recent escalation in tensions between Washington and Beijing after U.S. President Donald Trump signed legislation in support of the Hong Kong protesters. China's foreign ministry responded, claiming the U.S. had "sinister intentions."Shares in Asia fell on concerns that the news could lessen the chances of the world's two largest economies reaching an initial "phase one" trade deal. MSCI's broadest index of Asia-Pacific shares excluding Japan sank 1%.Back in Eu...
Investors rip M&S as it bags Ocado food delivery deal

Investors rip M&S as it bags Ocado food delivery deal

Business
By James Sillars, business reporter Marks and Spencer (M&S) is facing a backlash from investors following confirmation of a deal with Ocado that will see the retailer's food delivered to homes for the first time.The companies announced the joint venture less than 24 hours after it admitted that talks were taking place, prompting sharp increases in their respective share prices. But M&S shares tanked by almost 10% when the market opened on Wednesday after it became clear shareholders were being asked to fund the bulk of the £750m investment and take a dividend hit.Ocado's market value rose by more than 3%.M&S said it was paying for a 50% share of Ocado's UK retail arm, which would trade as Ocado.com from September 2020 at the latest. ...
M&S and Ocado shares leap on joint venture talks

M&S and Ocado shares leap on joint venture talks

Business
By James Sillars, business reporter Shares in both Ocado and Marks and Spencer (M&S) have risen sharply following confirmation of talks on a joint venture.Both companies released statements to the City moments after the Evening Standard newspaper reported that a deal was imminent. Ocado said: "Following media speculation, Ocado Group plc confirms that it is in discussions with Marks and Spencer Group Plc regarding a joint venture in UK retail."There is no certainty that these discussions will result in any agreement or as to the timing of any such agreement." Image: Waitrose is Ocado's current delivery partner The announcement from M&S contained no further details. Its shares were initially 4% u...
Ocado moves up to FTSE 100 as M&S avoids relegation

Ocado moves up to FTSE 100 as M&S avoids relegation

Business
Marks & Spencer has avoided relegation from the FTSE 100 as online grocery retailer Ocado moves into the elite group of UK-listed firms, it has been confirmed. Online gambling company GVC Holdings will join Ocado in its promotion, while South African private healthcare provider Mediclinic International and security company G4S will fall into the FTSE 250 to make way.The changes take effect on Monday 18 June.M&S had been put forward by commentators as one to watch during the quarterly reshuffle, as the 134-year-old British company struggles against tough competition in clothing and food, its two main offerings.Only a week ago they announced plans to close a total of 100 stores by 2022 under a five-year transformation plan, placing thousands of jobs at risk.M&S, which has see...