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Ocado dismisses concerns over Waitrose as sales beat forecasts
SHARES in Ocado edged two per cent higher yesterday, after the online grocer surprised the City with a better-than-expected rise in sales.
Ocado, which prides itself on its high-tech warehouses, said sales rose 15.5 per cent to £218.5m in the 12 weeks to 10 August, up from 13.4 per cent in the second quarter.
Chief financial officer Duncan Tatton-Brown said the average basket size fell 1.6 per cent to £111.64 because more people were opting for its free delivery pass and shopping more frequently.
He also brushed off concerns that key supplier Waitrose could end its contract with Ocado at the time of its break clause in 2017, saying: “The more we grow the more they benefit from direct fees from us. It is pretty attractive to Waitrose.”