Share Prices & Company Research

Market News

16 Jan 2024 | 07:16

Ocado forecasts return to FY positive core earnings as sales rise

(Sharecast News) - Online grocer Ocado Retail has forecast a return to positive earnings for 2022/23 year as the fourth-quarter revenues rose by almost 11%. "Our trading performance, and our focus on costs, has translated through to our bottom line, returning to positive EBITDA for the full year," the company said on Tuesday.

Retail revenue rose 10.9% to £609.4m, while active customers were up 5.9% to 998,000 and average basket value increased 3.8% to £120.62.

The equal joint venture between Ocado Group and retailer Marks & Spencer, added that Christmas sales hit a record level on the back of a 7% rise in sales between December 20 - 24.

For 2023/24 year, it forecast revenue growth in the "mid-high single digits".

Reporting by Frank Prenesti for Sharecast.com
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new portfolio or transferring your portfolio from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.