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Ocado Group: Ocado Retail JV 13-week Retail Revenue Climbs

(RTTNews) - British online supermarket Ocado Group (OCDO.L) announced Tuesday that Ocado Retail Ltd, a joint venture between the company and Marks & Spencer Group plc, recorded 52 percent rise in retail revenue for the 13 weeks to August 30.

In its trading update, the company noted that Ocado Retail's retail revenue grew to 587.3 million pounds from last year's 386.4 million pounds, as channel shift to online grocery in UK continues.

Average orders per week increased 9.6 percent to 345,000 from 315,000 a year ago. Average order size continues to normalise from COVID-related peaks to 141 pounds, but remains above pre-crisis levels.

The company noted that retail sales grew faster compared to the second quarter as demand remained high versus a seasonally softer quarter in the third quarter last year.

Looking ahead, Ocado Group said, "While uncertainties remain over the scale, and duration, of the ongoing impact of social distancing restrictions in the UK, the strong trading performance of Ocado Retail in the first three quarters of the year, combined with the impact of operational leverage in the retail business, suggest, given current trends, a full year EBITDA result for Ocado Group of at least A?40m."
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