Online grocery delivery firm Ocado follows first profit with a bigger share of the market
OCADO yesterday reported an acceleration in sales growth of 15.2 per cent to £252m in the first quarter of its financial year.
The online supermarket exceeded analysts’ estimates and shows a gain in the online grocery and overall market shares.
Revenue rose by 19.2 per cent to £271m in the 12 weeks to 22 February, from £227.5m in the same period of 2014.
“Our business continued to grow, against a backdrop of a retail market that remains challenging and competitive,” said Tim Steiner, Ocado’s chief executive.
Steiner said he expects Ocado to continue to expand slightly ahead of the online grocery market.
During the period, the average number of orders per week increased by 18.1 per cent to 183,000. However, the average order size fell by 2.4 per cent to £114.72, which analysts say reflects the ongoing competitive nature of the UK grocery market.