Name: Ocado says retail landscape changing for good
Uploaded: 2021-02-09T19:00:32.000Z
Duration: 1 min 31 s
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the landscape for food retailing is changing for good.

That's according to British online grocer and technology group Accardo.

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It reported a 69% jump in annual core earnings on Tuesday, boosted by stuck at home consumers, generating huge demand for deliveries.

The increase reflected revenue growth of 35% at Accardo retail.

That's the joint venture between Accardo and Marks and Spencer.

It offset a negative contribution from a car Does overseas technology arm due to additional costs associated with faster growth.

Onda counting rules Shares in Accardo have more than doubled over the last year, giving the group a stock market capitalization of almost $29 billion nearly four times the value of Sainsbury's, Britain's number two supermarket group.

By sales, the attraction of home delivery has paid off, but so too has demand globally for its state of the art robot operated warehouses.

In 2020 Accardo opened its first customer fulfillment centers for Casino in France and so bees in Canada.

It also deals with groups in the United States and Japan.

Ricardo's earnings rose to $101 million in the year to the end of November, it said.

Retail revenue growth for this year would be highly dependent on the length of restrictions.

 Shares in the company were down around 2% by early afternoon, reflecting a planned hike in capital expenditure andan expectation of increased international technology losses as investment is stepped up. 

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Ocado says retail landscape changing for good

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