Online supermarket Ocado Retail, which represents a 50:50 joint venture between Ocado Group and Marks & Spencer, posted on Tuesday a 3.9% drop in revenue during its latest quarter, with financial results affected by labor shortages.
The British company’s revenue came in at GBP 547.8 million ($723.7 million) during the fourth quarter ended on November 28th compared to GBP 570.1 million in the same period a year earlier.
The online supermarket said revenue growth had been affected by a high degree of staff vacancies at the start of the period. It had 1,200 vacant positions to fill, equivalent to nearly 10% of its target workforce level.
“We have halved this number to around 650 vacancies thanks to temporary sign-on incentives and increased hourly rates in certain locations,” Chief Financial Officer Niall McBride was quoted as saying by Reuters.
“We’re getting closer to normal levels, there’s still more to do,” the CFO added.
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