Ocado backs full year view after strong quarter, record Christmas performance

Ocado Group PLC backed its fiscal 2022 steerage on Tuesday supported by a sturdy fourth-quarter performance and mentioned it has began the brand new fiscal year with a record Christmas performance.

The on-line grocer and retail-technology specialist
mentioned retail income got here in at 549.4 million kilos ($670 million) for the 13 weeks ended 27 Nov., up 0.3% in contrast with the identical quarter final year.

The firm mentioned that energetic costumers of Ocado.com rose 12.9% on the year, offset by the lowering frequency in buyer purchasing because of the cost-of-living disaster.

Revenue for fiscal 2022 fell 3.8% to GBP2.2 billion in contrast with prior year.

The firm backed its fiscal 2022 steerage, the place it expects gross sales to say no and to complete its fiscal year with near break-even earnings earlier than curiosity, taxes, depreciation and amortization.

Looking forward, the corporate mentioned that fiscal 2023 began strongly, with gross sales up 15% over the 5 days earlier than Christmas, and orders up 13%.

“Ocado remains confident, in the light of strong customer acquisition and continued improvements to underlying productivity, that sales and Ebitda margin will recover strongly,” it added.

Write to Michael Susin at [email protected]

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