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Ocado's losses swell to over $600 million

STORY: Ocado plunged to a pretax loss of about $604 million for the year.

Tuesday's announcement (February 28) was significantly worse than analyst forecasts of around $482 million.

The British online supermarket was hit by a big accounting charge.

Its joint venture with Marks & Spencer also lost money, hurt as consumers pulled back from spending due to higher inflation.

CEO Tim Steiner said he had more confidence in the Ocado model than ever before, despite the loss.

He saw 'encouraging momentum' in the group's technology solutions division.

That is the part of the business which sells automated warehouse tech to grocery partners around the world.

But one leading analyst called the results 'truly dismal'.

Shares in the group fell 9% Tuesday, before recovering.

That pushes its losses to close to 60% over the last year.