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M&S chair Archie Norman has reportedly told shareholders last week that he is “not happy” with the performance of Ocado Retail, according to The Times.
Norman also stated that there was “work to do” on the joint venture M&S runs with Ocado.
Ocado Retail posted a £501m loss for this year which was up from a £177m loss the year before.
As a result of this the company is set to receive 40% less than it had hoped in performance payments from M&S.
However, Norman was still bullish about the future of the partnership stating he “strongly believes in the future of Ocado”.
A reset of the venture has commenced, something the M&S board outlined at its AGM.
The company aims to improve the customer experience, introduce cost-cutting measures and improve product availability.
It is also aiming to capitalise on the potential of the M&S customer base by diversifying the offering.
This news comes after M&S saw its full year profits and sales rise in the face of the cost of living crisis.
The retailers’ pre-tax profits rose to £474.7m compared with £391.7m the prior year, and group sales were up by 9.9% to £11.98m.
