Ocado – Retail Revenue Burned By Erith Fire And £5M In Extra Labour Costs
Ocado Group PLC (LON:OCDO) – which is 50% owned by Marks & Spencer – saw third quarter revenue fall 10.6% to £517.5m. Revenue fell 1.8% in the first 6 weeks. Following the fire at the Erith fulfilment centre in July, lost capacity and sales meant revenue fell 19% for the rest of the period. Q2 2021 hedge fund letters, conferences and more Ocado processed 338,000 orders a week, up 1.4% on last year. New capacity means the group can now process up to 600,000 orders a week, and announced plans to increase this to 700,000 in 2022-2023. The total cost of the fire, not covered by insurance, is expec...