Ocado Retail, the joint grocery venture between Ocado and Marks & Spencer (M&S), has experienced a surge in revenues in the third quarter. To regain market share, Ocado Retail implemented a series of price cuts on popular items like kale, avocados, and organic vegetables. Earlier this year, Ocado Group CEO Tim Steiner acknowledged that the joint venture with M&S had fallen short of expectations. Hannah Gibson, CEO of Ocado Retail, credited the success to the company’s “Perfect Execution strategy” which focuses on optimizing every aspect of the customer proposition and operating model. She expressed confidence that the company will deliver “mid-single digit revenue growth and full year profitability” in its upcoming full-year results.

Source: The Guardian September 19, 2023 07:12 UTC