Ocado shares SOAR to highest for nearly four years after Sobeys deal
OCADO shares soared to their highest for nearly four years, after the online grocer delivered a second international deal in two months.
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The FTSE 250 firm followed up November’s tie-up with French supermarket Group Casino with an agreement with Sobeys, Canada’s second biggest food retailer, to develop online grocery.
The pair will develop their first warehouse in the Greater Toronto area, with Ocado to spend about £15million.
Ocado expects it to add “significant long-term value to the business”.
Chief executive of Ocado Solutions Luke Jensen said: ”Channel shift to online in North America is gaining pace as consumers increasingly seek the benefits of grocery shopping from the comforts of their own homes, and as retailers attempt to offer services to meet this growing customer trend."
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We are pleased to be partnering with innovative and forward-looking retailers such as Sobeys
He continued: “We are pleased to be partnering with innovative and forward-looking retailers such as Sobeys.”
Sobeys chief executive Michael Medline said: “This unique and innovative Sobeys and Ocado experience will offer consumers the biggest selection, freshest products and most reliable delivery available anywhere on the planet.”
Ocado shares were up 1131⁄2p to 5261⁄2p yesterday.
