The press reports of 1,000 job losses were inevitable given the Kroger and Sobeys news. Our view is that the value of the existing

Underperforming CFCs are being shut as suppliers tweak their delivery models. We are surprised at the low level of compensation being

Today’s announcement doesn’t change our thesis on Ocado, and is a small positive as it widens the potential customer base. The existing

Kroger has decided not to proceed with the Charlotte CFC, so the payment to Ocado has risen by $100m to $350m. Kroger will continue to

The FT article on the Ocado/Kroger CFC closures fleshes out a few interesting points. We still expect CFCs to be the major part of the

The CFC model is not dead, but is evolving. ODO Systems is a competitor to Ocado, and we agree with the sentiment that

Kroger’s closure of three sites was at the worst end of our expectations. The closure fees from Kroger for the CFC closures imply a valuation of

For now, M&S is not discussing a purchase, but we still expect M&S to eventually buy Ocado out of their UK joint venture. Taking

Calling the remaining £55m of the 3.875% 2026 SUNs is no surprise and will have only a

Appointing an executive to push Ocado into non-grocery logistics makes sense as the company courts pharma

A bearish note on Ocado is pressurising the equity. Our worst-case scenario is that the Kroger rollout is halted; this equity note presumes two

Kroger’s review of its e-commerce strategy is driven by the need for e-commerce profitability as opposed to disenchantment with Ocado; E-commerce sales grew

Aldi grew sales 6.3% (vs inflation of 5.2%) and continues to close the gap on Morrisons. Given that grocery inflation is at the same