Ocado shares fall (and fun facts about their name)
Ocado has seen their shares tumbling, apparently because of the 'death of the weekly shop'.
We'll get to that, but we'd like to point out that, once upon a time, on Ocado's Wikipedia page, it had the glorious fact: "Ocado is the last five letters of avocado".
This has since been replaced with a quote from Jez Frampton, CEO of Interbrand and non-executive director of Ocado, who says that Ocado stands for "order cat food and doughnuts only", and we're not checking that fact out, because we want it to be true.
Anyway, away from all this fun, the increased competition on the high street, bargain supermarkets, and the waning will of people wanting to do a big shop once a week, is hitting Ocado.
Their shares tumbled by nearly 14%.
They've also got another problem in the form of Amazon, who have muscled in on the groceries scene.
Tim Steiner, chief executive of Ocado, said: "As the market remains very competitive, we are seeing sustained and continuing margin pressure and there is nothing to suggest that this will change in the short term."
TOPICS: High Street News