Ocado Group : Ocado Retail JV 13-week Retail Revenue Climbs 34.9%

British online supermarket Ocado Group (OCDO.L) said that Ocado Retail Ltd, a joint venture between the company and Marks & Spencer Group plc, reported 34.9% rise in retail revenue for the 13 weeks to 29 November 2020.

In its trading update, the company noted that Ocado Retail's retail revenue grew 34.9% to 579.6 million pounds from last year's 429.7 million pounds, reflecting strong demand for online grocery and the continuation of a smoothed trading week.

Average orders per week increased 3.0% to 360,000 from 350,000 a year ago. Average order size was 133 pounds, as customer shopping behavior continued to normalize.

Tim Steiner, Chairman of Ocado Retail, said," We enter the holiday period with confidence and look ahead to better times for all in 2021."

Ocado Group now expects full year EBITDA to be over 70 million pounds.

Rates of sales and EBITDA growth in FY21 will be determined by the extent to which Ocado Retail returns to a "normalised" trading week and the timing of when the planned additional capacity goes live, Ocado Group said.

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