Ocado Retail’s profit squeezed

London — British online supermarket Ocado Retail warned it would not return to profit until the second half of its financial year as even its typically more affluent shoppers feel the squeeze from higher inflation and energy bills.

Ocado Group’s £6.7bn market capitalisation has been driven by technology partnership deals with overseas food retailers. But the joint venture’s average basket value was down 1.3% in the quarter to £117, as a 7.6% rise in average selling prices was offset by a 8.3% fall in average items per basket.That reflected 940,000 active customers at the end of the quarter, up 12.9% year on year, offset by reduced frequency in customer shopping.

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