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Ocado shares surge after it seals deal with French supermarket

by November 28, 2017

written by 28^th Nov 17 1:09 pm

Deal to create significant ‘long term value’

Shares in online supermarket Ocado surged by more than 20 per cent in early trading today after it announced an internationl deal with French retailer, Groupe Casino.

Tim Steiner, chief executive of the retailer, said: “We are delighted that Groupe Casino has decided to partner with Ocado Solutions to grow and develop its online food business. We believe that the scalable, modular end-to-end solutions provided by the Ocado Smart Platform, will allow retailers such as Groupe Casino to build their online grocery offer in a way that is profitable and sustainable, creating value for customers, suppliers and shareholders.”

As part of the deal, Ocado will build an automated warehouse to serve the Greater Paris area and the Normandie and Hauts de France regions.

Groupe Casino chief executive Jean-Charles Naouri said: “This agreement is a major leap in terms of quality: 50,000 food items will be offered in the first stage to customers in the Greater Paris area with precise and speedy delivery at home and through a platform which makes it achievable to do this profitably.”

Ocado also said that it expects the deal to “create significant long term value to the business”.