Ocado Q3 revenue jumps 14.3%

Ocado Q3 revenue jumps 14.3%”

Ocado PLC (LON:OCDO) has reported strong growth in average orders per week, although average order size declined, helping drive a continued increase in retail revenue for the online grocer.

However, the average size of customers' spend dropped just over a percent, from £107.56 to £106.25.

Ocado said that the average number of orders had also risen by double digits - up 16 per cent at 254,000 a week during the period.

There was £149m of cash in the bank as of 27 August, while external borrowings stood at £284m.

"We continue to grow sales at a rate significantly in excess of the average for our industry".

Ocado recently become the first grocer in the United Kingdom to launch an app for the voice-controlled Amazon Alexa, allowing customers who have Amazon accounts to update, add to, or track orders. At the same time, we are preparing our fourth, and biggest, CFC to date in Erith, set to open in 2018. However, CEO Tim Steiner said the investment would allow the company to meet customers' "rapidly growing demand".

Ocado shares fell more than 5% on Tuesday morning as low at 280p, before coming back to 286.3p after 0900 BST.

ShoreCap analyst George Mensah noted that "management indicated during an analyst call earlier today that the trading gross margin was broadly flat".

In June, Ocado clinched a long awaited first overseas licensing deal with an as yet unnamed European retailer, though it was for software only.

The firm has a United Kingdom grocery market share of 1.3%.

Like this


19 September 2017
Google APK Code Reveals Innovative Pixel 2 Feature
The app also reveals that users can change the "squeeze gesture" on their device to assign another function to the feature. It is unclear at the time of writing if it is a new type of search bar or widget or quick search bar in notifications.

19 September 2017
CBI arrest BJD MLA Pravat Biswal in multi-crore chit fund scam
Worth mentioning, Pravat Biswal and his wife Laxmi Bilasini Biswal were under CBI scanner over a land deal with the dubious firm. Biswal and his wife were quizzed by the CBI in November a year ago over a land deal with Seashore Group chief Prashant Dash.

19 September 2017
ICICI Lombard IPO gets fully subscribed, bidding ends today
ICICI Lombard is a joint venture between ICICI Bank and Fairfax Financial Holdings, a Canada-based company. The company's IPO involves dilution of up to 8,62,47,187 shares by promoters ICICI Bank and Fairfax.

19 September 2017
Max Verstappen blames Sebastian Vettel for start crash
With the track still greasy, Ricciardo pitted again before Hamilton eventually came in for his change on lap 30 of 61. The incident, in which Fernando Alonso was collateral damage after a brilliant start, brought out the Safety Car.

19 September 2017
Antifa Used Twitter To Track Down A Nazi And Punch Him
When anti-fascists were able to track him down to a Seattle street corner, footage showed him being punched directly in the face. This was followed by a image of a man, thought to the same swastika-wearing individual, unconscious on the street.

19 September 2017
Ryanair publishes list of cancelled flights
The fall in Ryanair's punctuality below 80% compared to an average of 89% in the three months to the end of June. She was speaking after the airline announced its plan to cancel 40 to 50 flights every day until October 31.

19 September 2017
Chelsea £57.2m striker deal hits massive stumbling block — Marca
He has been training and working with a personal trainer whilst AWOL in Brazil, yet this is no replacement for playing football at the highest level.

19 September 2017
'VH1 Hip Hop Honors' 2017 Has Twitter Missing the 90's
If you want to see Carey's full performance tune in tonight for Hip-Hop Honors: The '90s Game Changers at 9/8c on VH1. This year, the ceremony was hosted by Regina Hall and honored one of comedy's biggest legends: Martin Lawrence .

19 September 2017
Telangana: Cyberabad Man kills wife for not getting MBBS seat
He also harassed her demanding more dowry.It is a planned murder", Harika's mother and sister alleged. Her husband, who is right now unemployed, was keen on her getting a medical seat and become a doctor.

19 September 2017
London firefighters responding to warehouse fire in Tottenham
Over a hundred firefighters are tackling a huge fire that has broken out in a warehouse in Tottenham, North London. One person was taken to hospital after suffering burns, with fire crews working through the night.