Economy

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%.



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