Ocado overtakes rivals amid pressure from shareholders urging the group to leave London for New York [Fortune]
WPP plc American Depositary Shares (WPP)
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Source: Fortune
Sales at the British online grocer rose 12.5% in the 12 weeks to April 14 from a year ago, ahead of the total online market growth of 6.8%, according to data published by research firm Kantar on Tuesday. Ocado is vying to turn its fortunes around following a pretax loss of almost £400 million ($494 million) in 2023 and a more than halving of its stock price since January. That's putting shareholder pressure on the company to explore moving its London listing to New York, the Telegraph reported, without saying where it got the information. The latest data highlights how the upmarket grocer's efforts to compete against discounters through price cuts and special offers is driving some initial success. Discounter Lidl recorded the second best growth, gaining 9.1% in sales compared with last year as shoppers opted for more affordable items. Lidl and Aldi combined now account for 18% of the UK's grocery market. Ocado still accounts for less than 2% of the market, despite its sales gr
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