Smaller Order Sizes Hit Ocado as Prices Rise: The London Rush

Breadcrumb Trail Links

  1. PMN Business

The 15% increase in food prices reported by the British Retail Consortium may not surprise anyone who has been shopping in supermarkets recently. The figures show accelerating prices this month, with food being hit hardest as fruit and vegetables fell into short supply. British supermarkets have been competing to keep prices lower, but the threat of discount retailers like Aldi and Lidl still looms large.

That’s reflected this morning in Ocado’s update this morning on its joint venture with M&

Author of the article:

Bloomberg News

Bloomberg News Charles Capel and Leonard Kehnscherper Published Mar 28, 2023  o  3 minute read

Join the conversation


A delivery driver for Ocado Group Plc prepares groceries for delivery to an apartment in London, U.K., on Tuesday, Sept. /p p29, 2020. Covid-19 lockdown enabled online and app-based grocery delivery service providers to make inroads with customers they had previously struggled to recruit, according the Consumer Radar report by BloombergNEF.
A delivery driver for Ocado Group Plc prepares groceries for delivery to an apartment in London, U.K., on Tuesday, Sept.

29, 2020. Covid-19 lockdown enabled online and app-based grocery delivery service providers to make inroads with customers they had previously struggled to recruit, according the Consumer Radar report by BloombergNEF. Photo by Hollie Adams /Bloomberg

Article content

(Bloomberg) — The 15% increase in food prices reported by the British Retail Consortium may not surprise anyone who has been shopping in supermarkets recently.

The figures show accelerating prices this month, with food being hit hardest as fruit and vegetables fell into short supply. British supermarkets have been competing to keep prices lower, but the threat of discount retailers like Aldi and Lidl still looms large. That’s reflected this morning in Ocado’s update this morning on its joint venture with M&S, revealing falling basket sizes and higher selling prices.

Advertisement 2

Story continues below

This advertisement has not loaded yet, but your article continues below.

Financial Post NewsConnect Powered by Postmedia Network

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

  • Unlimited online access to articles from across Canada with one account
  • Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on
  • Enjoy insights and behind-the-scenes analysis from our award-winning journalists
  • Support local journalists and the next generation of journalists
  • Daily puzzles including the New York Times Crossword

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

  • Unlimited online access to articles from across Canada with one account
  • Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on
  • Enjoy insights and behind-the-scenes analysis from our award-winning journalists
  • Support local journalists and the next generation of journalists
  • Daily puzzles including the New York Times Crossword

REGISTER TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

  • Access articles from across Canada with one account
  • Share your thoughts and join the conversation in the comments
  • Enjoy additional articles per month
  • Get email updates from your favourite authors

Article content

Here’s the key business news from London this morning:

Financial Post Top Stories Banner

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Thanks for signing up!

A welcome email is on its way.

If you don’t see it, please check your junk folder.

The next issue of Financial Post Top Stories will soon be in your inbox.

Article content

In The City Diageo Plc: Ivan Menezes, the CEO of the alcoholic drinks maker, will retire after ten years leading the company, and will be replaced by the current COO Debra Crew.

  • Menezes joined the company when Guinness Plc and Grand Metropolitan Plc merged in 1997, and has served as CEO since July 2013

Ocado Group Plc: The company’s retail joint venture with Marks & Spencer Group Plc reported a fall of 7.5% in average basket size in the first quarter, offset by price increases.

  • The company, which experienced rapid growth during the pandemic, said order frequency had returned to pre-Covid levels

Bellway Plc: The homebuilder said higher mortgage rates and the end of Help-to-Buy contributed to a 43.8% decrease in its private reservation rate in the first half of the year.

Article content

Advertisement 3

Story continues below

This advertisement has not loaded yet, but your article continues below.

Article content

  • Easing mortgage rates, as well as a seasonal increase in activity has improved customer demand this year

GSK Plc: The company’s endometrial cancer drug Jemperli posted strong results in a trial, a sign it could become the top seller the British pharmaceutical giant is predicting. In Westminster Prices in UK stores rose at the highest rate on record this month in a sign that the cost-of-living crisis is far from over. The British Retail Consortium said shop price inflation accelerated to 8.9%, a fresh peak for an index that started in 2005, and an increase from 8.4% in February.

Food price increases hit 15%, as fruit and vegetables fell into short supply. Bank of England Governor Andrew Bailey, meanwhile, said interest rates will probably remain below the highs seen before the financial crisis, his latest hint that the UK central bank may be near an end to its quickest series of hikes in three decades.

Advertisement 4

Story continues below This advertisement has not loaded yet, but your article continues below.

Article content

In Case You Missed It 

Barclays Plc’s chairman has described the recent slew of Epstein allegations against Jes Staley as “serious and new,” the lender’s first update on the matter since its former chief executive officer left the bank more than a year ago. Richard Branson was long a force to be reckoned with in the booming private space business. The British serial entrepreneur’s second space foray,  Virgin Orbit, strapped rockets under the wing of a jumbo jet to launch satellites on their flight path, complete with mission monikers like “Start Me Up” that reflect his distinctive blend of business and bravado. But following a serious misstep in January, the once high-flying enterprise is on the brink. Looking Ahead 

Clothing and homeware brand Next Plc is among the companies due to update the market tomorrow. The retailer’s sales are likely to fall as shoppers continue cut back on discretionary spending and prices keep rising, says Bloomberg Intelligence’s Charles Allen. Next’s bottom line is also taking a hit form higher wage, energy and technology costs, according to Allen. 

For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.

Share this article in your social network

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful.

We have enabled email notifications–you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments.

Visit our Community Guidelines for more information and details on how to adjust your email settings.

Join the Conversation

Tags:

gulliver-s-theme-parks listed on couponmatrix.ukhotter-shoes listed on couponmatrix.ukhurleys listed on couponmatrix.uksuperdrug listed on couponmatrix.uksykes-cottages listed on couponmatrix.uktide listed on couponmatrix.uk
gulliver-s-theme-parks listed on couponmatrix.ukWelcome to Gulliver’s, a giant adventure resort for the whole family!! With locations across the UK, Gulliver’s is quickly becoming a family favourite as a chance to create memories to last a lifetime. With over 80 rides, attractions and shows to see each day, there is something for everyone - whether you’re going with friends, family or even on a date, use Gulliver’s vouchers to enjoy an incredible experience for less. Hop on the Galleon Pirate Ships, the Splash Battle Dinghys, or test your nerve on the Antelope Coaster and experience unlimited fun at Gulliver's.
hotter-shoes listed on couponmatrix.ukLevel up your shoe game and inject some much-needed inspiration into even your most tired outfits with Hotter Shoes, the high-street brand with incredible comfort credentials! Use a Hotter Shoes discount code on your next order and you’ll be able to get everything from ankle boots to deck shoes without blowing your budget. Look after your feet in true style with these fashionable designs from Hotter Shoes.
hurleys listed on couponmatrix.ukOur Hurley discount codes can help fashion-savvy customers bag some hefty discounts on all sorts of big-name designer items. Grab a Hurley discount code to help pick up some savings on an array of big-name brands and the latest styles. Hurley is a fantastic retailer offering a great range for men, women and children from brands such as Armani Jeans, Boss, Ted Baker, Barbour and more.
superdrug listed on couponmatrix.ukBeauty is for everybody at Superdrug. Treat your face, nails, hair and skin to the best in beauty and let your inner confidence shine. Whether you’re craving a new look or simply wanting to stock up on everyday essentials, Superdrug’s your number one destination for affordable health and beauty. Refresh your makeup bag or improve your shower routine for less with a Superdrug voucher code and start every day feeling amazing. From L'Oreal to Lee Stafford, Superdrug stocks hundreds of your favourite brands, including its own alternative swaps, so your budget won’t have to compromise your beauty regime ever again.
sykes-cottages listed on couponmatrix.ukWhether you’re after a short break in the Cotswolds, or a weekend in the Highlands, our Sykes Cottages discount codes will give you a hand in finding cosy, affordable accommodation. With over 5,000 holiday cottages across the UK and Ireland on their books, Sykes Cottages has a wealth of properties available to suit all requirements. After pet friendly accommodation? A spot by the beach? Or a cottage big enough to find the whole extended family? Take a browse of the properties and make sure to use our Sykes Cottages voucher codes to help you make a handsome saving.
tide listed on couponmatrix.ukAre you a freelancer or small business? Bank smarter with Tide. This online platform makes things easy—you can sign up free of charge, and accounts come with loads of smart and time-saving tools, so you can focus less on admin and more on your business. Make the most of a Tide discount code from Groupon to access great savings and perks—you can thank us later.