Online grocer Ocado Group is set to lose its spot among London’s top stocks after battling against a share price slump and shoppers cutting back spending
But it revealed its customers had been responding to higher food prices over the past year by putting fewer items in their baskets.
Shoppers have also returned to high street supermarkets since restrictions eased, analysts pointed out., head of money and markets for Hargreaves Lansdown, said: “Shopping basket sizes have been shrinking at Ocado and the retail side of the business can’t benefit from the surge in demand to shop in bricks and mortar stores once more.
“But the falling share price also demonstrates that investors are losing patience with Ocado Solutions, which is mean to be the long-term powerhouse of the company, but demand for robotic technology for warehouses remains weaker than hoped, with fewer deals than expected coming through.”
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