Online grocery giant Ocado has increased its full-year revenue guidance as a result of “strong performance” as it continues making moves as “the UK’s fastest growing grocer”.
Ocado, a joint venture between Ocado Group and Marks & Spencer, reported a 15.5% surge in retail revenue year on year for the 13 weeks to September 1, 2024, up from £569.6m to £658m.
The online grocer hailed its “continued momentum” for the revenue growth and its ongoing progress to offer “unbeatable choice, unrivalled service and reassuringly good value” for customers.
Volumes, average orders per week and active customers at the business were all up year on year as well as average basket value and average basket size.
This comes despite the average selling price of items being down 0.4% compared with last year.
Ocado said its 0.4% decrease in the average selling price compared with UK grocery inflation of 2% was a result of its “continued investment” in its prices and value offering.
Ocado Retail has upped its full-year sales guidance to low double-digit growth, having previously been pledged mid- to high single-digit growth, but added that all other aspects of the group’s guidance remain unchanged.
Ocado Retail chief executive Hannah Gibson said: “Our strategy remains focused on giving our customers unbeatable choice, unrivalled service and reassuringly good value. We’re seeing the momentum of this, with more customers shopping with us more often, getting even better service at better value.
“We know what our customers love, and we’re focused on our proposition every day. This includes our widest ever choice including more M&S food, more convenience with better availability of delivery slots and products, further improving our high perfect order rate and better value for money through our Ocado Price Promise and our latest Big Price Drop.
“We’re pleased with the progress we’re making and excited about how much more there is to deliver.”
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