Ocado posts third quarter sales growth
Ocado Retail saw its retail revenue climb by 7.2% to £569.6 million in its third quarter. This followed growth of 5% in the online grocer’s first half.
In a trading update for the 13 weeks to 27 August, Ocado said its Perfect Execution Programme, which launched in January, had strengthened its customer proposition. The retailer also benefited from its recently launched Big Price Drop campaign in the period.
Meanwhile, average orders per week grew by 1.9% in the period while the number of active customers edged up 1.5% to 961,000. The retailer’s average basket value was also up, with an increase of 4.2%.
Hannah Gibson, Ocado Retail’s chief executive, 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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