U.K. online grocer Ocado's heavy investment to keep up with competition means the retailer has yet to turn a profit, but it's still better off than brick-and-mortar rivals, whose online-grocery operations cannibalize in-store sales at a higher cost, founder and CEO Tim Steiner says. Ocado's 2012 sales of $1.1 billion represented a 12.8% share of the U.K. online-grocery business. "Almost 40% of our new customers come from households with incomes less than £40,000," or about $63,000, Steiner said. "Ocado is increasingly appealing to the mass market."
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