Ocado shares up on retail update

The price of shares in FTSE 100 grocery delivery specialist Ocado (LON:OCDO) rose by 5.28% to 2,479.45p (as of 12:20 BST) after the firm reported a 52% improvement in retail revenues for the 13 weeks ended 30th August. The growth in sales accelerated during the second quarter but basket size continued to normalise although it remains above pre-COVID levels. Customer demand has been sustained despite the company switching from Waitrose to M&S products at the start of September.

Ocado Retail CEO Melanie Smith commented: “Our aim is to continue to set the bar as we begin again to welcome new customers who are seeing the benefits of online shopping in ever greater numbers and we remain focused and on track to increase capacity by 40% through to 2021. Finally, I would like to thank my colleagues for their hard work and dedication in making this happen, even under the most challenging circumstances. I am proud of you all“.