Ocado delivers strong quarterly performance

By
1 mins. to read
Ocado delivers strong quarterly performance
Jaroslaw Kilian / Shutterstock.com
Master Investor Magazine 42 cover

Never miss an issue of Master Investor Magazine – sign-up now for free!

Read the latest Master Investor Magazine

Grocery delivery outfit Ocado (LON:OCDO) said that retail sales for the 13 weeks ended 2nd September were up by 13.5% as orders received saw double digit growth. The average size of an order was stable at £106.

Chief executive officer Tim Steiner commented: “The new capacity from Andover and Erith, our robotic third and fourth warehouses, is helping meet consumer demand for our services and drive the channel shift which is transforming grocery retailing in the UK. We are proud to have opened our Erith Customer Fulfilment Centre this summer on time and on budget. At full capacity, this latest state-of-the-art CFC will be the largest automated warehouse for online grocery in the world. We are delighted to report that last week Erith processed over 20,000 customer orders 14 weeks after opening, a number which took Andover 15 months to achieve. Together, Andover and Erith provide new opportunities for growth in our UK retail business while showcasing the scalability, adaptability and efficiency of our platform.

“Ocado’s unique and proprietary technology, which makes these facilities work, is bringing greater value, quality and convenience to British shoppers while at the same time helping our partners redefine the shopping experience for their own customers. We are on track to deliver a significant number of new CFCs for our Solutions partners in the coming years and as such are fulfilling our goal of changing the way the world shops.

Shares in Ocado climbed 4.14% to 950.40p.

 

 

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

YOUR FREE INVESTMENT MAG

Get real investment insights from some of the best minds in the business - with our free Master Investor Magazine.