Ocado - looking on the bright side as CEO Tim Steiner points to customer successes
Ocado really can’t get a break. The firm was already reeling from the bad publicity of two of its major clients - Kroger and Sobeys - pulling back from their commitments to using the UK firm’s tech, topped off with recent boardroom battles and scuttlebutt over the future of CEO and founder Tim Steiner. Now the firm just turned in another set of lousy quarterly numbers.
Excluding contractual compensation payments received from Kroger and Sobeys, sales in Ocado’s technology unit, which accounts for about four-fifths of group profits, fell eight percent year-on-year to £256 million for the first half the current financial year. Ocado Retail did better, pushing overall group revenues to #1.6 billion, up 54% on last year, although this figure was buoyed up by £354 million in fees and other revenues connected to the proposed closures. Overall net loss was £32.7 million, vs a comparable year-ago profit...
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