Losses deeper for Ocado despite sales rise

<p>Ocado has reported a rise in sales.</p>

Online supermarket Ocado has confirmed its losses have got deeper even though it has seen its sales rise.

The firm revealed that it made a loss of £3.8 million for the 24 weeks to May 19th, even though it announced its average order size was up 1.6 per cent to £114.90.

Its sales rose by 15.6 per cent to £355.9 million and chief executive Tim Steiner described the first half of the year as having been "extremely busy" for the company.

He said: "We remain well placed to take advantage of the accelerating structural changes in the industry."

Members of the public are increasingly shopping online and Ocado is one of the main players in the internet food retailing sector.

Early next year, Ocado is expecting to launch a new online delivery service with supermarket chain Morrisons.

Despite the news its losses have deepened, the share price of Ocado is up today (July 2nd) in early trading. Stocks were up by almost one per cent at 08:24 BST.

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