Ocado’s 12% sales increase marks ‘good finish to the year’
Online supermarket Ocado has seen a 12% increase in revenue to £390.7m for the 13 weeks to 2 December in its Q4 financial results.
This was compared to a revenue of £348.9m in the same period last year and the group said its growth was in line with its guidance for the year.
The group said it had seen an increase in its average weekly orders, from 283,000 in Q4 2017 to 320,000 this year. The average order size fell 1% from £105.94 in 2017 to £104.91 in 2018.
Ocado said it ended the year had cash and cash equivalents of £411m and external borrowings of £286m.
Tim Steiner, Ocado’s chief executive officer, said: “Our unrelenting focus on delivering consistent high levels of service and value to our customers in the UK has produced another quarter of satisfying growth. The new capacity that we have brought on stream in CFCs 3 and 4 in Andover and Erith has enabled us to again report double digit growth in new customer acquisition.
“Both facilities are performing well and Erith continues to ramp up in line with our expectations. Although in many respects 2018 has been a transformative year for Ocado, the story has only just begun. We look forward to the coming year and continuing to turn our substantial opportunities into sustainable value for all our stakeholders.”
