Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Ocado sales growth slows a touch

Published 11/12/2014, 07:39
Updated 11/12/2014, 08:06
© Reuters. An Ocado delivery truck drives through Fingest in southern England
OCDO
-
JLP
-

LONDON (Reuters) - British online grocer Ocado reported slightly slower quarterly sales growth and lower average order size as competition in the sector intensified.

The firm said on Thursday its gross retail sales rose 14.9 percent to 311.4 million pounds in the 16 weeks to Nov. 30, its fiscal fourth quarter.

That compared to a rise of 15.5 percent in the third quarter.

Average order size fell 1.7 percent to 109.74 pounds.

Ocado, whose range includes products supplied by upmarket grocer Waitrose (JLP.UL), has not made an annual pretax profit since it was founded in 2000 but analysts are forecasting one for its year just ended, the 2013-14 financial year.

"We are pleased with the continued steady growth in our business against the backdrop of a more competitive grocery market," said Chief Executive Tim Steiner.

"Although we anticipate the retail environment to remain challenging, we expect to continue growing sales slightly ahead of the online grocery market."

© Reuters. An Ocado delivery truck drives through Fingest in southern England

Shares in Ocado, down 24 percent so far this year, closed Wednesday at 334 pence, valuing the business at 1.95 billion pounds.

(Reporting by James Davey; Editing by Neil Maidment)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.