May 6, 2020 / 6:18 AM / a month ago

Online supermarket Ocado's revenue soars 40% in lockdown Britain

LONDON, May 6 (Reuters) - British online supermarket and technology company Ocado said on Wednesday retail revenue soared 40.4% year-on-year in its second quarter so far as shoppers in coronavirus lockdown sought deliveries to avoid venturing out.

That growth compared to 10.3% in its first quarter.

Ocado said although it expected the shift towards online grocery to accelerate post-crisis, there remained many uncertainties about the length of the crisis and its impact on customers’ disposable income, so it had suspended its retail revenue guidance for 2020 until it could accurately forecast likely outcomes.

Reporting by James Davey, Editing by Paul Sandle

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