100 Ocado managers will share a performance-related bonus of £7.8 million on the back of a consecutive year of profits for the online retailer, TheGuardian.com reports.
Like-for-like net profit grew by 65.3 per cent over the year finishing November 29 2015. Sales during this time rose to £1.1 billion, a figure bolstered by its role in Morrisons’ online service. Ocado also acts as a Waitrose annex for its online offering.
"The continued enhancement of Ocado’s industry-leading technology and investment into our retail proposition over the course of the year has meant our customers now have greater choice, competitive prices and consistently high order accuracy and on-time delivery," said Ocado CEO Tim Steiner.
When questioned about the mooted takeover of Ocado by Amazon, he said, "I don’t need a saviour. I’m not in trouble. We have had lots of nemeses before and most of our history we have had Tesco there – one of the most respected retailers in the world – and had to compete with them. We thrive on competition."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.
