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