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(Sharecast News) - Revenue at Ocado's joint venture with Marks & Spencer rose in the 13 weeks to 1 September, the company said on Tuesday.
Retail revenue at Ocado Retail was up 11.4% to £386.3m during the period, which the group said was in line with its guidance for the rest of the year. Average orders per week grew 12.1% to 314,000 as more slots became available, but the average order size was down 0.8% to £105.4 due to greater frequency of purchase.
The company has already issued guidance for second-half sales growth of between 10% and 15%.
Ocado Retail chief executive Melanie Smith said: "These first set of results from the joint venture between Ocado Group and M&S show the resilience of Ocado following the Andover fire and the momentum the business now has. As we continue to enhance our offering and add more capacity in the UK, our leading partnership will deliver the very best experience to an ever-growing number of customers.
"Bringing Ocado and M&S together on-line will give UK consumers even greater choice, value and service and will create important new opportunities for our colleagues, suppliers, and other stakeholders."
Ocado and Marks & Spencer completed their JV in August.
Russ Mould, investment director at AJ Bell, said: "A tie-up previously met with some scepticism is off to a reasonable start. Ocado Retail, now operated as a 50/50 joint venture between the online grocer and Marks & Spencer, achieved acceleration in sales growth in the third quarter.
"Ocado deserves a pat on the back for acting quickly to find extra capacity after a fire at its flagship robotic warehouse earlier this year.
"The real test for the combination is yet to come though, with M&S food set to be home delivered from next September. So although the trading statement is pitched as the joint venture with M&S, the reported figures predominantly relate to Ocado's own delivery operations."
6 Sep 2023 09:32
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