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UK consumers aren't stockpiling - Ocado CEO

LONDON (Reuters) - British online supermarket Ocado said on Monday that although demand for grocery products was currently strong it was not seeing consumers stockpiling goods such as toilet rolls in preparation for new COVID-19 lockdown restrictions.

“Yes, we are seeing strong demand. No, we’re not seeing particular stockpiling of things, of toilet paper,” Chief Executive Tim Steiner told reporters.

“We are continuing to trade at peak volumes every day which is a very strong sales pattern, hence the upgrade we’ve announced today,” he said.

Steiner was talking after Ocado said it would buy two robotics companies for a total of $287 million and also upgraded its full-year earnings outlook.

Reporting by James Davey, Editing by Paul Sandle

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