Morrisons/Ocado - comment

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 level as January 2024, a strong performance from the discounters is not a shock, but it will have Morrisons' management nervous. Morrisons has so far focused its price support on multi-buy offers rather than simple price discounting.

Ocado Retail was the best performer at +11%. The hype around the monthly sales figures should be less now that the retail business has been deconsolidated.

Ocado and Tesco sales growth boosted as UK grocery inflation accelerates