Online grocer Ocado today (7 February) revealed its losses narrowed in the year to 2 December amid higher sales.
The group booked a loss of GBP600,000 (US$940,291) in the 53 weeks to 2 December, down from a loss of GBP2.4m in the comparable period of last year.
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The improved bottom line was driven by higher sales, the group indicated, which rose 13.9% to GBP731.9m.
Ocado has ramped up investment to support growth in the coming 12 months. The group, which previously operated out of one distribution site, is opening a second centre in Dordon. The new facility is expected to come on line by the end of this month. Stripping out exceptional items associated with this investment, the group booked adjusted profits of GBP1.8m.
Shares in the retailer were up 7.23% at 10am (GMT), climbing to 111.41 pence. Ocado’s stock has rallied over the year, and saw a further spike in value after the appointment of former Marks and Spencer boss Sir Stuart Rose last month.
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