RE: Growth21 May 2025 12:18
Here is the rest:
"During 2024/25 M&S accounted for its share of results in the joint venture as an associate interest. From 2025/26 Ocado Retail Limited will be consolidated in the results of M&S in accordance with the joint venture agreement and will align with the year-end accounting period of M&S. These results therefore cover the 57 weeks to 6 April 2025 and include an M&S Group share of adjusted loss of £28.7m. To aid future comparability, all commentary below relates to the 12-month period ended 30 March 2025.
· Revenue increased 15.5% to £2.8bn, with orders up 15.2%, supported by growth in active customers and increased frequency. Average selling price was broadly level, as Ocado Retail invested in value through 'Big Price Drops' and the Ocado Price Promise.
· M&S sales volumes increased 20.2% and were 30.3% of total Ocado volumes (2023/24: 29.0%). M&S sales participation was c.50% in fresh categories such as produce and poultry.
· The overall result continued to be constrained by high service delivery costs and continuing lease and technology fees for the old Hatfield site. There remains substantial opportunity for improved customer fulfillment centre (CFC) productivity.
In the year ahead, there will be increased focus on improving delivery efficiency and maximising capacity utilisation of the existing network, which is critical to improving productivity and profitability before investing in new capacity. This includes migration to the Ocado Smart Platform (OSP) solution across e-commerce, last-mile, supply chain, customer hub and trading systems.
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