Ocado Retail Ltd, a joint venture between Ocado Group plc (OCDO.L) and Marks & Spencer Group plc, reported that third-quarter retail revenue grew by 15.5% to 658 million pounds from the prior year.
Volumes (total items) grew 15.4% year-on-year and average orders per week grew by 14.7% to 437 thousand. This was driven by growth in active customers of 10.3% year-on-year to 1.06 million as well as improved frequency year-on-year as slot availability and overall proposition improved.
The company raising its fiscal year 2024 revenue guidance for Ocado Retail to low double digit percentage growth from the previous outlook of mid-high single digits percentage growth. All other aspects of Ocado Group guidance are unchanged.
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