Ocado sales soar as Morrisons site gathers pace
Online grocer Ocado has reported a jump in retail sales of 18 per cent to £218m, for the 12 weeks to 23 February. Average orders per week rocketed 18 per cent to over 155,000.
Tim Steiner, chief executive officer of Ocado, commented:
We are pleased with the continued growth in our business. We remain committed to improving the quality of the offer to customers, which we believe will support further growth.
While we are encouraged by our current trading, the retail environment remains both challenging and competitive, and we expect to continue growing in line with, or slightly ahead of, the market.
The company said it was pleased with the operational progress of Morrisons.com and that the service had expanded to new geographic catchments.
As of 23 February Ocado had cash and cash equivalents of £102m and external borrowings of £46m.