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19 March 2020

Ocado Trading Update

Saul Fulda, Investment Analyst
 
UK supermarkets, especially those with an online proposition, have seen a dramatic rise in sales over the past few weeks as a result of the nationwide panic shopping.

Although Ocado’s trading update only accounts for the period leading up to 3rd March, the company still delivered a resolute performance. The average number of orders per week has increased by over 10% year-on-year to 343,000 while average order size has also increased by 0.3% to £110.24. As expected, growth in the second quarter has so far been double that of the first quarter, and we are anticipating a bumper second quarter reporting. The company’s sensible move to temporarily stop new customer registration is sure to further boost sales growth.

Reports of online consumers queuing for hours to sort orders and deliveries may have placed an unprecedented strain on the business. Nevertheless, we believe Ocado has the resources and technology to pull through these challenging times and deliver alongside Tesco, Sainsbury’s and Morrisons.  
Ocado Trading Update
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