Ocado has posted a rise in sales after expanding the number of Marks & Spencer products it sells, in a sign the retailer’s joint venture with M&S is beginning to bear fruit.
The online supermarket said that revenues were up 10.9pc to £609m over the 13 weeks to November 26, after record sales over the Christmas period.
It comes as the company bolstered the number of M&S products it sells on its website in a bid to ease tensions with its joint venture partner over performance.
Ocado shares surged 5.4pc in early trading to take it to the top of the FTSE 100.
Ocado Retail now stocks around 90pc of M&S’ total product range, after adding around 600 products in the run-up to Christmas.
Ocado Retail was created in 2019 when M&S and Ocado Group announced a joint venture. However executives at M&S have been unsatisfied as it faced a string of issues over recent years.
The rise in sales follows a difficult post-pandemic recovery for Ocado, which benefited from surging demand during lockdowns but struggled as shoppers returned to stores, leading it to report its first ever annual fall in grocery sales in its 2022 financial year.
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2024-01-16 07:52:00Z
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