(Sharecast News) - Online grocer and technology firm Ocado recorded a sharp rise in third quarter revenue driven by continued higher average spends during the coronavirus pandemic as it forecast annual core earnings of £40m.
The company, which has started its new partnership with Marks & Spencer after replacing Waitrose, said revenue in the 13 weeks to August 30 grew 52% to £587.3m with average weekly orders up 9.6% to 345,000.
"Orders per week have increased thanks to a combination of strong demand, a phased reopening of the website to new customers, and a normalising of shopping patterns," the company said in a trading statement.
"Customers have responded positively to the switchover to M&S products on the 1st of September, with demand for the new range driving both an increase in the number of products in customer baskets and strong forward demand."
Ocado said the average order size continued to normalise from Covid-related peaks to £141, but remained above pre-crisis levels. It added that customers were buying more M&S products than Waitrose prior to the switchover, reflecting a positive reaction to the new range.
(Sharecast News) - Online grocery sales growth slowed in April as increasingly confident shoppers started returning to stores following the easing of lockdown restrictions, a survey showed.