LONDON, Sept 13 (Reuters) - British online supermarket Ocado Retail downgraded its full year outlook on Tuesday, as shoppers trade down to cheaper products and buy fewer items in a cost of living crisis.
The business, a 50:50 joint venture between Ocado Group and Marks & Spencer, said it now expected a small sales decline over the full 2022 year and close to break-even core earnings. It was previously forecasting low single digit revenue growth and a low single digit profit margin.
Ocado Retail said its third quarter sales rose 2.7% to 532 million pounds ($622.4 million). ($1 = 0.8547 pounds) (Reporting by James Davey, editing by Elizabeth Piper)
Ocado (OCDO)
Marks & Spencer (MKS)