Ocado fails to impress

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Ocado fails to impress
Jaroslaw Kilian / Shutterstock.com

Online supermarket Ocado (LON:OCDO) said retail revenue grew 34.9% to £579.6m for the 13 weeks to 29 November due to “strong demand for online grocery and the continuation of a smoothed trading week compared to the peaks and troughs that reflected normal shopping habits pre-Covid.” 

The firm said it now expects full-year earnings before interest, tax, depreciation and amortisation to be over £70m, up from previous guidance of at least £60m.

“With three new warehouses opening in 2021 which will ultimately give us 40% more capacity to our business, we look forward to being able to offer more slots to existing customers while welcoming new customers to Ocado and showing them what we can offer,” commented Melanie Smith, Ocado Retail’s chief executive officer. 

Ocado shares slipped 4.6% to 2,219p (as of 09:15 GMT). 

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