Ocado's Job Cuts, Kroger's Exit: A Major Setback

Ocados CEO warns of significant job cuts following Krogers withdrawal from their automated warehouse partnership. Despite a 12% revenue increase to £1.4 billion, operating costs rose 3% to £1.6 billion, narrowing the pre-tax loss by 7% to £353 million. Investors reacted negatively, with shares dropping 10% at open. Ocado plans to cut costs by £150 million, potentially leading to up to 1,000 job losses. The company is now focusing on fresh partnerships and international growth following the expiration of most global partner exclusives. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/274f3cb749c4c1e9