ON-LINE COMES TO BOTTOM LINE

The on-line grocery business has just moved beyond the stage of outlining operating models into the realm of proving them. Like dot-com companies in other sectors, on-line grocery players will be held to higher standards than before by investors, and their prospects for profitability will be heavily scrutinized."The stock market has punished a lot of the home-delivery stocks," said Mark Rowen, an

The on-line grocery business has just moved beyond the stage of outlining operating models into the realm of proving them. Like dot-com companies in other sectors, on-line grocery players will be held to higher standards than before by investors, and their prospects for profitability will be heavily scrutinized.

"The stock market has punished a lot of the home-delivery stocks," said Mark Rowen, an analyst with Prudential Securities, New York. "They'll have to prove that they can make

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