Ocado Retail’s revenues increased as the online retailer won back the middle classes following a series of price cuts.
The company recorded a 7.2pc increase in sales to £569.6m in the third quarter despite the number of items in its average basket slipping from 45 to 44 compared to the same three months last year. Average orders per week on Ocado.com grew 1.9pc to 381,000,
It follows a series of price cuts on items like kale, avocados and organic vegetables as it battles to win back market share.
Ocado Group’s chief executive Tim Steiner admitted in July that the company’s joint grocery venture with M&S had been a disappointment so far and is “not where we wanted it to be” at this stage.
In its trading update for the three months to August 27, the company maintained its guidance for the full year, forecasting “marginally positive” underlying profit.
Ocado Retail’s chief executive Hannah Gibson said: “It has now been a year since I joined Ocado Retail and in January we set out our Perfect Execution strategy, making sure every element of our customer proposition and our operating model is at its best.
“We are delivering on this plan and have great momentum in the business, with revenue growing faster in Q3 than in H1 and a return to positive volume growth in the last month of the quarter.
“The continued progress in Q3 underpins our confidence in delivering our FY23 guidance of mid-single digit revenue growth and full year profitability, and we have started the final quarter positively.”
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2023-09-19 06:31:02Z
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