Mark & Spencer today5 Nov 2025 07:34
Here are the key points from Marks & Spencer Group plc’s (M&S) Half Year Results for the 26 weeks ended 27 September 2025 with respect to its joint venture Ocado Retail Limited (ORL):
• From 2025/26 onward, Ocado Retail’s results will be consolidated by M&S and aligned with M&S’s year-end accounting period. 
• For the period (25-weeks ended 28 September 2025) ORL reported revenue of £1,479.9 m and an adjusted operating loss of £3.1 m. 
• Relative to the previous period (which was accounted for via the equity method), ORL’s performance improved: revenue was up 14.9% (orders +12.0%) and the operating loss before adjusting items narrowed from £12.5 m to £3.6 m. 
• Within the ORL business: M&S sales on ocado.com grew by 19.6% and accounted for 29.3% of ORL’s total sales. 
• For ORL operational levers: picking/fulfilment centre (CFC) efficiency improved, though partly offset by higher delivery and maintenance costs. Key opportunities highlighted include improving delivery efficiency, more same-day slots, extending picking hours, rolling out further automation.