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Ocado Group PLC on Tuesday reported an increase in retail revenue for the first quarter of financial 2023 as customers and orders rose. It has also backed its annual guidance. In the 13 weeks to February 26, the online grocer and warehouse technology firm said retail revenue was up 3.4% year-on-year to £583.7 million from £564.7 million, as average selling prices rose 8.3% to £2.75 from £2.54. Average customer numbers grew 14% to 951,000 from 835,000 the year before, while average basket values edged up 0.2% to £124, but average basket sizes fell 7.5% to 45 from 49. ‘While the trading environment remains challenging, we expect to build momentum through the second half of the year, as we improve our proposition, grow our customer base, and no longer lap Covid shopping behaviours. This solid 2023 performance will enable us to return to sales growth and profitability,’ said Chief Executive Officer Hannah Gibson. Ocado left guidance unchanged from the end of February, expecting mid-single digit growth in revenue, and ‘marginally’ positive earnings before interest, tax, depreciation and amortisation. Last month, the FTSE-100 company reported revenue of £2.51 billion for the year ended on November 27, up 0.6% from £2.50 billion the year before. Pretax loss widened to £500.8 million from £176.9 million, and it swung to a negative Ebitda of £74.1 million from positive earnings of £61.0 million. Shares were down 1.4% at 445.90 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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