Ocado's Losses Hit €570m, CEO Says 'More Confidence In Model Than Ever Before'
ESM - European Supermarket Magazine
The industry magazine for C-suite executives and procurement managers working in the European grocery retail sector.
Ocado Group, the British online supermarket and technology group, fell to a worse than expected full-year loss, as it took a big accounting charge and profits at its joint venture with?Marks & Spencer?were wiped out. The group, whose shares have more than halved over the last year, made a loss before tax of ￡501 million (€570 million) over the year to 27 November 2022. That compared to analysts' average forecast for a loss of ￡399 million (€454 million) and a loss of ￡176.9 million (€201.5 million) in the previous year. Group revenue was broadly flat at ￡2.5 billion (€2.8 billion).
Anheuser-Busch InBev, the world's largest brewer,?expanded its profit?by slightly more than expected in the fourth-quarter despite selling less?beer, notably in North America and Asia. Globally, the maker of?Budweiser,?Corona?and?Stella Artois?said that its drinks volumes fell by 0.6% in the final quarter of 2022, compared with a rise expected by the market.
Food company?Danone UK & Ireland?has pledged not to produce products high in sugar, salt or fat (HFSS) for children, as part of its new health commitments. The firm said that it will adhere to protocols defined by the UK Government’s current policy and legislation relating to?HFSS. It added that 90% of its portfolio by sales volume would fall under the 'healthy' category, or score at least 3.5 stars out of 5 in the?Health Star Rating?index. The international index assesses the overall nutritional profile of?packaged food?and provides a way to compare food items.
Reckitt, the maker of?Dettol?and?Lysol?cleaning products,?has marginally topped?full-year like-for-like net revenue expectations, helped by its?nutrition?and health businesses. The?British?company said it would target like-for-like net revenue growth of mid-single digits for 2023. Abbott Laboratories early last year recalled dozens of?infant nutrition?products in the United States. Reckitt, its biggest rival at the time, ramped up production to fill the supply gap left by Abbott, helping drive full-year like-for-like net sales growth of about 23% in its nutrition business. The impact from the shortage added about 17.5% to the unit's growth, Reckitt said.
Plastic?use in?G20?countries is on course to nearly double by the middle of the century unless a comprehensive and legally binding global treaty to curb consumption is drawn up, new research has found. Existing programmes to boost recycling or cut single-use plastic consumption only "scratched the surface" and a more comprehensive global plan is required, according to?Back to Blue,?a research group run by the Economist Impact think-tank and the Nippon Foundation, a private philanthropic organisation.
The?European Union?said on Wednesday it had reached a deal on the 'world's first' set of comprehensive rules for issuing?green bonds?to meet the bloc's?net-zero goals, although compliance will be on a voluntary basis. Late on Tuesday, EU member states and the European Parliament jointly agreed standards for companies that want to use the term 'European green bond' or EuGB. Currently investors are faced with a plethora of national practices on green bonds which can be hard to compare, though an attempt to make the EU norms mandatory failed. The rules will enable investors to identify high quality green bonds and companies, thereby reducing?greenwashing?or exaggerated environmentally-friendly claims, parliament said.
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