Share of online supermarket Ocado skyrocket on US deal

17 May, 2018, 14:29 | Author: Regina Silva
  • Ocado and Kroger to build online network

The exclusive deal will see Kroger use Ocado's technology as the basis for its assault on online retailing.

In the longer term, Kroger will retain exclusivity in the United States conditional on it meeting market share targets or ordering an agreed number of CFCs per annum. As a result, the U.S. retailer will use its Smart Platform technology on an exclusive basis Stateside, in return for monthly exclusivity and consultancy fees.

He said Kroger, which had sales of $122 billion in its last fiscal year, was the grocer best-positioned to succeed in the USA sector.

Russ Mould, investment director at AJ Bell, comments: 'A USA licensing deal helps extend the astonishing momentum displayed by internet-based groceries business Ocado since the company shifted its focus from being a simple online supermarket to a technology platform provider.

Kroger will identify at least 20 sites to build new, automated warehouse facilities in the US, Tatton-Brown said, more than all of the facilities Ocado has built or is planning to build for all its other partnerships to date.

As part of the deal, Kroger will take a stake in the British company, equivalent to 5 percent of the existing share capital valued at 183 million pounds, Ocado said. It has also inked a deal with a yet-to-be named European retailer.

Mothercare UK swings axe of 50 stores and brings back ousted CEO
Earlier this year, toy store chain Toys R Us collapsed into administration, as did electronics retailer Maplin. Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.


US Senate passes resolution to overturn FCC net neutrality reform
While Collins' support had been public leading up to the vote, Murkowski's and Kennedy's "yes" votes came as a surprise to some. They were the focus of heavy lobbying by Net neutrality supporters in recent days.


James Ransone will play adult Eddie in 'It: Chapter 2'
The first installment of the film was a massive hit, grossing $700 million worldwide including $327 at the USA box office. Meanwhile, Bill Skarsgard will reprise his role as Pennywise from the first movie.


"Ocado's unique, proprietary and industry leading technology is set to transform the shopping experience of consumers around the world", Steiner said.

Chief executive Tim Steiner argues 'the opportunity to partner with Kroger to transform the way in which USA customers buy grocery represents a huge opportunity to redefine the grocery experience of Kroger's customers and create value for the stakeholders of both Kroger and Ocado.

Rodney McMullen, chairman and CEO of Kroger, said the retailer is on a mission to develop new customer experiences by investing in technology.

"We are actively creating a seamless digital experience for our customers. Our partnership will speed up our efforts to redefine the food and grocery customer experience, creating value for customers and shareholders alike".

Tatton-Brown said the detailed financial terms still had to be agreed, but the deal was expected to be neutral in respect to earnings in the full-year 2018.

Recommended:

  • Brent Crude Hits New High On Soaring Demand

    Brent Crude Hits New High On Soaring Demand

    The EIA reported that total products demand the last month averaged about 20.1 million barrels per day, up by 1.5% year over year. There are reportedly spot cargoes for oil from West Africa, Russia and Kazakhstan that are going unsold, forcing steep discounts.
    Harry Styles' life becomes a sitcom

    Harry Styles' life becomes a sitcom

    Now the pop star has been busy with his world tour, which began September 2017 and will continue until July 2018. He continued: "We'd be in bed like an old couple... and the door would go off".
    SEC Shows Investors What a Cryptocurrency Scam Looks Like

    SEC Shows Investors What a Cryptocurrency Scam Looks Like

    The SEC's spoof has been well received even by entrepreneurs in the crypto space who are normally wary of regulatory bodies. HoweyCoins says it combines the "blockchain and travel" to offer ICO participants massive discounts on travel expenses.
  • Backstreet Boys premiere new single Don't Go Breaking My Heart

    Backstreet Boys premiere new single Don't Go Breaking My Heart

    Later in the year Backstreet Boys will return to their Backstreet Boys : Larger Than Life Las Vegas Residency. News of the album comes as the group release Don't Go Breaking My Heart , their first single in five years.
    Britain slashes top stake on gambling machines to £2

    Britain slashes top stake on gambling machines to £2

    However, the announcement was widely welcomed by charities, the church and opposition politicians. Bookmakers have warned that the measure will put 21,000 jobs and 4,000 betting shops at risk....
    Former WWE Star Enzo Amore Cleared Of Sexual Assault Allegations

    Former WWE Star Enzo Amore Cleared Of Sexual Assault Allegations

    Enzo was a two-time Cruiserweight Champion and the top star of WWE's show for smaller wrestlers, 205 Live. It's just a shame that this story got out of hand and put a stop to his run with WWE like it did.
  • Dublin-based cryptocurrency firm Circle raises $110m

    Dublin-based cryptocurrency firm Circle raises $110m

    Goldman Sachs-backed payment company Circle has announced that it is introducing a cryptocurrency version of the USA dollar. We're over the moon to have one of the most important and forward-thinking companies join our investor's list.
    Ant and Dec together again after three-car smash

    Ant and Dec together again after three-car smash

    The newest picture of them in over two months has been posted on social media by Christin Maschmann, who met the lads in London. Ant & Dec have been pictured together for the first time in two months, while enjoying a catch up in the sunshine.
    Smriti Mandhana, Harmanpreet Kaur to lead women's teams in T20 Challenge

    Smriti Mandhana, Harmanpreet Kaur to lead women's teams in T20 Challenge

    Alyssa Healy, Suzie Bates, Beth Mooney, and Danielle Hazell will be among the big worldwide names in the other team. The match will be played before the first Qualifier match on May 22 at 2 pm in Mumbai .
  • LHC dismisses treason petitions against Nawaz Sharif

    LHC dismisses treason petitions against Nawaz Sharif

    His statement was unanimously rejected by the National Security Committee, which termed it "incorrect and misleading". The meeting's agendas are said to be discussion on the merger of Federally Administered Tribal Areas (FATA).
    Second-Gen Honda Amaze Prices Revealed

    Second-Gen Honda Amaze Prices Revealed

    The Amaze gets dual-tone interiors with a 3-spoke multi-functional steering wheel and a twin-pod instrument cluster. Moving to the rear, the new Amaze features an angular design with C-shaped tail lamps and a shark fin antenna.
    RED SOX 6, A'S 4: Boston salvages win over A's

    RED SOX 6, A'S 4: Boston salvages win over A's

    Chris Sale couldn't quite harness his crackling fastball on this night, limited to five innings as his pitch count swelled to 102. Chad Pinder drew a free pass and Marcus Semien sent a two-run blast onto Lansdowne Street to trim the Athletics' deficit to 3-2.


Popular

EU countries agree Iran deal 'not perfect': German Chancellor Angela Merkel
Last week, the US withdrew from the Iran nuclear deal, signed between Tehran and the P5+1 powers (China, France, Russia, UK, US, plus Germany) three years ago.

Ōkami HD Hits Nintendo Switch this August
You can reserve a " for fun " ticket to play casual matches, or a " for glory " ticket that puts you in a more competitive match. Nintendo said you'll want to be sure to add e3expo@e3expo.com to your email so it doesn't get associated as junk.

Pep Guardiola: 'Liverpool will challenge for Premier League title next season'
Gabriel Jesus struck with virtually the last kick at St Mary's to take City to the century mark in suitably dramatic fashion.

Pitt set for prime time
With the 8 p.m. start time, Penn State will be playing at least one night game for the 19th straight season. The blue and white's longest homestead is three games, while their longest road trip is just two contests .

Juve great Buffon afraid of retirement
The former Parma goalkeeper will make his 640th and final Serie A appearance for Juventus against Verona on Saturday. I'm glad you came in so many. "My principles have always been honesty, loyalty and hypocrisy struggle", Buffon said.

Miramar Map Is Now Available On PUBG Mobile
The mobile port of PLAYERUNKNOWN's BattleGrounds title has been a roaring success across the globe since launching in March 2018. The region system will help with language-based chat channels, too. - Initial parachute speed increased to match the PC version.

BC woman squats, poops then hurls feces at Tim Hortons employee
Moments later, she grabs the faeces from the floor and hurls it towards the employee before pulling up her pants and storming out. The woman then defecated on the floor and flung the feces at staff members behind the counter.

Study Finds Pop Music Has Gotten Sadder But Also More Danceable
This lyrical trend is in tune with the overall increase in loneliness, social isolation and mental disorders across society. "The public seems to prefer happier songs, even though more and more unhappy songs are being released each year".

Supreme Court Legalizes Sports Gambling, Per State Laws
The 2013 law, for example, specifies bettors must be physically present in an authorized casino's sports lounge to place a wager. Casino operators in New Jersey have also been anticipating Monday's decision , with much of the infrastructure already in place.

Xbox Adaptive Controller confirmed, available this year
A year later, a prototype was developed for an internal Microsoft hackathon that tracked a user's movements via the Kinect. Like the regular controller, there is also a headphone jack so gamers trash talk friends and competitors online.