LONDON (Reuters) – British online supermarket Ocado Retail kept its guidance for its 2023-24 year after reporting a 10.6% increase in revenue in its latest quarter that reflected growth in customer numbers.
The business, a 50:50 joint venture between Ocado Group and Marks & Spencer, said on Tuesday retail revenue was 645.3 million pounds ($816.4 million) in its first quarter to March 3, as active customers rose 6.4% to 1.02 million.
“Our strategy is resonating with customers and volume growth is building well,” CEO Hannah Gibson said.
Volume, or total items sold, grew 8.1% to 242.1 million, average orders per week were up 8.4% to 414,000 and average basket value was up 2.1% to 125.47 pounds.
Ocado Retail stuck with guidance for full-year revenue growth in the “mid-high single digits %” and an underlying EBITDA margin of about 2.5%.
($1 = 0.7904 pounds)
(Reporting by James Davey, Editing by Paul Sandle)
