Ocado ups profit guidance as fourth quarter sales surge
Ocado has said it now expects its full-year EBITDA to surpass £70m following a quarter of “exceptional demand” and strong sales growth.
The online grocer’s joint venture with Marks & Spencer reported a 35% uplift in retail revenue in the 13 weeks to November 29 to £579.6m, driven by a 3% uplift in average orders per week to 360,000.
As a result of this ongoing strong demand Ocado has re-upped its full-year guidance for the second time in two months, having said in November it expected full-year profits to be over £60m.
Ocado’s average order size stood at £133 during the quarter as shopper behaviour continued to “normalise” following the stockpiling of lockdowns earlier in the year.
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