February 6, 2018 / 7:20 AM / a year ago

UK online grocer Ocado misses full-year earnings forecasts

LONDON, Feb 6 (Reuters) - British online supermarket Ocado on Tuesday missed forecasts with flat full-year core earnings and said earnings in the 2017-18 year would be held back by investment.

The firm - which has signed three international partnership deals over the last year, doubling its share price - said it made earnings before interest, tax, depreciation and amortisation (EBITDA) of 84.3 million pounds ($117.8 million) in the 52 weeks to Dec. 3 2017 - below analysts’ average forecast of 90.3 million pounds.

Ocado said earnings in 2017-18 would reflect the fixed costs of its largest ever customer fulfilment centre in Erith, near London, the ramp up of its operations in both Andover, southern England, and Erith, and an acceleration in the development of its platform.

It expects earnings trends “to improve significantly” in the 2018-19 year. ($1 = 0.7154 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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