Ocado losses grow to £500m amid retail sales decline

Online supermarket attracts more customers, but they buy fewer items in each shop than previous year

Ocado has slumped to a £501m annual loss after a “challenging year” for the online grocer, as retail revenues fell amid the cost of living crisis, with customers putting less in their baskets and using more discount vouchers.

Revenues at Ocado Retail, its joint venture with Marks & Spencer, fell by 3.8% in 2022, despite the company reporting record sales over Christmas. The Ocado group’s pre-tax loss widened to £500.8m from £176.9m in 2021. Analysts had forecast an annual loss of £399m.