Thursday, 22 November, 2018

Ocado entering U.S. market through technology deal with Kroger

Kroger trolley handle Ocado entering U.S. market through technology deal with Kroger
Russell Knight | 17 May, 2018, 17:05

Ocado Group Plc's agreement to license its home-delivery technology to USA supermarket chain Kroger Co. is the online grocer's biggest deal so far, and a "materially larger" pact than Bernstein's expectations. Ocado will also allow Kroger to use its online shopping and logistics technology.

The shares soared as much as 51 percent to a record high, adding about 1.8 billion pounds ($2.4 billion) to the market value and making the company a potential candidate for inclusion in the FTSE 100.

Under the partnership, the pair are looking to open three similar sites in the U.S. this year - with a further 17 in the pipeline.

Ocado chief executive Tim Steiner said working with Kroger to transform the way in which United States customers bought groceries represented "a huge opportunity to redefine the grocery experience" for Kroger customers.

The company claimed the value of the Kroger partnership was worth more than the others in France, Canada and Sweden combined.

Pope says he's thought about when it's time to 'take leave
Pope Francis addressed some 1,700 diocesan leaders, both clergy and laity, May 14 at the Basilica of St. After Wednesday's session, the bishops will have two additional meetings on Thursday.

Season Ends for FSU Men's Golf in Oklahoma
As drivers go, the one that will take the Baylor men's golf team back to the NCAA Championships is the Bears' favorite in the bag. Texas won the Raleigh Regional by shooting 813 (-39), 17 strokes ahead of second-place finishers Duke and North Carolina State.

Mothercare plans store closures to revive sickly UK child
The firm also said Mark Newton-Jones had agreed to return as chief executive following his abrupt departure just five weeks ago. Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.

Ocado's chief executive, Tim Steiner, described the deal as "transformative" and said it would "reshape the food retailing industry in the U.S. in the years to come".

"Our success as a retailer shows that we can offer customers unrivalled choice, quality and convenience, efficiently and profitably". Kroger buying a stake in Ocado may be seen as a move that could potentially open up long-term M&A optionality.

America's largest supermarket chain, said Thursday it is spending $247 million to license exclusively the home-delivery technology of Britain's Ocado Group online supermarket.

Ocado was created in 2000 in the UK. The short sellers were hoping Ocado wouldn't deliver on its worldwide expansion plans, that position now looks like a badly busted flush.

However, its share price is looking forward to future earnings based on licensing out its online delivery technology, rather than the revenues it's now making from food retail. "The market reaction was exceptionally bullish with shares jumping by 40% in early trade on the announcement".

Recommended

Man poses as a high school basketball player Man poses as a high school basketball player He claimed to have been left homeless by Hurricane Harvey after approaching Skyline and then Hilcrest High School. When issues of concern occur we feel it is important to share them with you, so you are aware of the facts.

2 dead, thousands without power after storms strike 2 dead, thousands without power after storms strike Fortunately for a man from Pittsburgh, luck was on his side after he realized a tree fell right next to his truck, trapping him. Northeast on Tuesday, snarling transport and causing widespread power outages in an area home to tens of millions of people.

EU Pledges Steps to Salvage Iran Oil Shipments `Within Weeks' EU Pledges Steps to Salvage Iran Oil Shipments `Within Weeks' She said that the European Commission was in a stronger negotiating position because it had the support of all member states.

OnePlus 6 Durability Test Will Leave Fans Pleased OnePlus 6 Durability Test Will Leave Fans Pleased The device's display scratches at a level 6 on the Mohs hardness scale with deeper scratches being inflicted at a level 7. Last year's OnePlus 5 and OnePlus 5T were two of the most blazing fast handsets I had the pleasure of reviewing.

SC collegium defers reiteration of Justice Joseph's elevation to top court SC collegium defers reiteration of Justice Joseph's elevation to top court This means that Justice Joseph would have to wait till the collegium zeroes in on the names of the other probables for the SC. The practice is that the government is bound to appoint the judge if reiterated by the collegium.

Sonam Kapoor unfollows Aishwarya Rai Bachchan at Cannes Sonam Kapoor unfollows Aishwarya Rai Bachchan at Cannes I do what I believe in and after all that is the most important thing. "I am already living half here and half there (London)". Sonam Kapoor and her longtime boyfriend, Anand Ahuja, got married a few days back but we are still talking about it.

Disrupted body clock risks mental health issues Disrupted body clock risks mental health issues This was in comparison to participants who followed a normal cycle of being active during the day and switching to rest at night. As the amplitudes decreased reaction times also reduced and so did the measures of happiness and satisfaction with one's health.

VK Singh's Surprise Visit to North Korea to Rekindle Dormant Ties? VK Singh's Surprise Visit to North Korea to Rekindle Dormant Ties? China has always played an active role addressing the issue of the Korean Peninsula and makes consistent efforts to push for its denuclearisation.

Enraged customer throws own faeces at staff member Enraged customer throws own faeces at staff member Largy told Daily Hive the woman was released on documentation to appear in court on a later date. The police said they were familiar with the woman and her antics prior to the incident.

Vegas upends Winnipeg for 2-1 series lead Vegas upends Winnipeg for 2-1 series lead You put yourself in a tough position when you're down by a couple goals on the road, tough environment against a good team. The problem for Winnipeg is stopping a Golden Knights team that is finally seeing production from the depth of its lineup.

WWE Star Ronda Rousey eager for baby and title WWE Star Ronda Rousey eager for baby and title Speaking to TMZ Sports , Ronda Rousey addressed her upcoming RAW Women's title shot against Nia Jax . Ronda Rousey is now 2-0 in the WWE , after winning her first ever house show match in Switzerland.

United Kingdom could ban combustible materials in tall buildings after Grenfell fire United Kingdom  could ban combustible materials in tall buildings after Grenfell fire Survivors of the Grenfell Tower fire will still be living in emergency accommodation 12 months after the tragedy, the government has confirmed.

Stan Lee Files Billion-Dollar Suit Against Pow! Entertainment Stan Lee Files Billion-Dollar Suit Against Pow! Entertainment On Tuesday, he posted a video to fans thanking them for their support, and tweeted: "Help!" You guys are my true superheroes. Entertainment, has hit back at claims that Stan Lee was tricked into selling the company he founded.

Airtel urges HC to dismiss Jio plea against its IPL advertisements Airtel urges HC to dismiss Jio plea against its IPL advertisements However, it is important to note that the post FUP speed is only applicable on packs that comes with daily data limits. BSNL ( Bharat Sanchar Nigam Limited ) 4G is only in some circles while the Jio has 4G connectivity in all circles.

Kristen Stewart goes barefoot at Cannes Kristen Stewart goes barefoot at Cannes The festival has earlier received flak for their strict dress code that frowns upon women who refrain from donning sky-high heels. Well, this year Kristen put her money where her mouth is and literally kicked off her heels in front of the world's media.