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Retail & Consumer

Ocado shares jump as firm hikes sales outlook on M&S joint venture

The retail arm of the London-listed group, Ocado Retail, a 50:50 joint venture between Ocado Group and Marks & Spencer Group, reported revenue growth of 15 per cent in the 13 weeks to 1 September 2024

Ocado could sue M&S in a dispute over a 拢190 million final payment as it alleges Marks & Spencer, which owns 50% of online grocer, is withholding part of the sum, saying targets were missed. (Image: Ocado/PA Wire)

Ocado's shares surged by over 10% in early trading today, following the announcement of raised sales projections.

The company's retail section, known as Ocado Retaila joint venture equally held by Ocado Group and Marks & Spencer recorded a robust 15% revenue enhancement for the quarter ending 1 September 2024, as reported by .

During this period, revenues ascended to £658m, climbing from £569m reported in the corresponding quarter of 2023.

The company witnessed an upshift in sales volumes, reaching 249.9m items compared to 216.5m year-on-year, while average weekly orders experienced a jump to 437,000 from the previous year's 381,000.

Active customer numbers on the Ocado platform also grew, surpassing the one million marka 10% increase from last year's 961,000.

Consequently, Ocado has updated its revenue growth expectations to the low double digits, revising upwards from the initially predicted mid-to-high single-digit growth.

Despite a minor dip in the average selling price, the surge in sales volume was instrumental in counteracting this effect, especially against the backdrop of a 2% grocery inflation rate in the 海角视频.

Ocado attributes the decline in selling prices to "continued investment in price driving further improvements in value perception".