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Ocado Retail's revenue up 35% in Q4
StockMarketWire.com
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Ocado Retail's revenue grew 35% in the fourth quarter to £579.6m compared to £429.7m in Q4 2019, reflecting strong demand for online grocery, according to the company's trading statement for the 13 weeks to 29 November 2020.
Average orders per week were up 3% to 360,000. The company said the growth was a result of the continuation of a smoothed trading week compared to the peaks and troughs that reflected normal shopping habits pre-COVID, and the seasonality of the quarter.
Increased social distancing restrictions contributed to continued strong trading performance at Ocado Retail which continued to experience a "smoothed" trading week into the year-end compared to the peaks and troughs that reflected normal shopping habits pre-COVID. Combined with the impact of operational leverage in the retail business, Ocado Group now expects full-year EBITDA to be over £70m.
Ocado Retail's CEO Melanie Smith said:"We continue to make good progress bringing even greater choice, quality, and value to our customers following the switchover to M&S at the beginning of September.
"At Ocado Retail we are constantly looking to raise the bar even further and the addition of M&S products to our grocery ranges has enhanced what was already the widest choice of products available online."
At 8:45am: (LON:OCDO) Ocado Group PLC share price was 0p at 2283p
Story provided by StockMarketWire.com
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