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Trading statements

Ocado notes steady progress, cautious on forex

14 March 2017 07:22

Ocado said it was pleased with the steady progress and growth achieved in the 13 weeks to Feb. 26, but issued a note of caution on any future currency movements.

During the period, Ocado posted gross group sales of £384.7m, up 13.3% from £339.5m. Gross retail sales came in at £352.4m, from £311.6m.

Average orders each week totalled 252,000, up from 216,000. The average order size was £110.84m, from £112.632m.

"We are pleased with the steady progress and growth achieved in the period, as shoppers continue to embrace our proposition for online shopping," said CEO Tim Steiner.

"We believe our commitment to further improving the customer experience and service through constant innovation, supported by proprietary technology developments, will enable us to continue to grow ahead of the online grocery market, and substantially ahead of the market overall."

Steiner added that the number of orders being picked at Andover continued to increase, as expected.

"While the market remains very competitive, there are the first signs of a change in market pricing dynamics coming through. However, it remains too early to predict how this will unfold throughout the year, and in particular is dependent on any future currency movements," Steiner said.

Story provided by StockMarketWire.com

Related Company: OCDO

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