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Ocado’s Q1 sales up 24.7%

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Online grocer Ocado has reported a 24.7 per cent year-on-year increase in gross sales for the 12 weeks to February 20th 2011.

In an interim management statement published today the e-retailer revealed that sales reached £146.2 million for the three-month period.

A strong first quarter for the company comes after it recorded its first profitable quarter since its summer flotation at the end of 2010.

Today’s announcement also indicated that average orders per week for the period in question increased by 26.1 per cent to 103,207, while the typical order size was slightly down on last year at £118.06.

Tim Steiner, CEO of Ocado, said: “Despite the economic headwinds in the UK, more and more consumers are seeing the benefits of online grocery shopping and we are increasing capacity to meet this demand.”

Andrew Bracey, Chief Financial Officer of the business, added that the firm continued to be profitable in Q1 and noted that EBITDA conversion was ahead of the second half of 2010.

Ocado’s growth is set to continue as the year moves on because earlier this week it extended its delivery services to Wales and the west of England - a move that increases its customer base by an extra one million homes.

Meanwhile last autumn’s announcement that the business will be opening a second customer fulfillment centre, in Dordon, Warwickshire within the next two years, further highlights the company’s growth potential. Ocado said today that the project is currently on time and on budget.

Published on Friday 04 March by Editorial Assistant

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