Ocado revenue soars following M&S partnership

Ocado Retail has announced that revenue soared by 35% in the 13 weeks to 29 November 2020, driven by a “strong” demand for online grocery as well as a “continuation of a smoothed trading week compared to previous “peaks and troughs”. The average orders per week were also up by 3% against the same period last year, rising from 350,000 to 360,000. The latest results come as Ocado Retail said that customers have continued to “embrace” the full M&S range, after a delivery partnership with M&S launched earlier this year. Following the move, around 6,800 products from M&S will now be available to consumers through the online supermarket. Looking ahead, Ocado Group now expects full-year EBITDA to be over £70m, up from a previous prediction of £40m. Melanie Smith, Ocado Retail CEO, said: "We continue to make good progress bringing even greater choice, quality, and value to our customers following the switchover to M&S at the beginning of September. “At Ocado Retail we are constantly looking to raise the bar even further and the addition of M&S products to our grocery ranges has enhanced what was already the widest choice of products available online.” She added: “Despite exceptional demand during the period, we have high rates of on-time customer delivery and low rates of substitutions. This, together with our commitment to competitive prices and the freshest produce available, all delivered in a way that minimises handling and maximises hygiene, has strengthened our credentials as the UK online grocery market leader in terms of customer experience. “With three new warehouses opening in 2021 which will ultimately give us 40% more capacity to our business, we look forward to being able to offer more slots to existing customers while welcoming new customers to Ocado and showing them what we can offer.” Chairman Tim Steiner said: “This has been an exceptionally difficult year for everyone in the country and indeed around the world. Throughout the COVID crisis, we have endeavoured to bring the best and most reliable customer experience to as many households as possible. “I would like to pay tribute to all my colleagues who have played a part in making this happen, in particular our front line staff and those working in our Customer Fulfilment Centres, who have worked tirelessly to help feed the nation.” He added: “I am incredibly proud of the agility the business has demonstrated through this challenging time. We enter the holiday period with confidence and look ahead to better times for all in 2021.”

Ocado revenue soars following M&S partnership

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