Ocado revenue up 11.5% for Q3

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Ocado shares

Ocado saw revenue rise 11.5 per cent for its third quarter, in line with its own guidance for the year.

The online-only supermarket cited “strong initial growth” at its new state of the art facilities at Erith and Andover behind the increase, which also saw a double-digit growth in average orders per week.

Retail revenue, which includes Ocado’s online sites and its wholesale partnerships, were up £349 million from £313 million a year before.

In the 13 weeks to September 2, average order size remained stable at £106.

“The new capacity from Andover and Erith, our robotic third and fourth warehouses, is helping meet consumer demand for our services and drive the channel shift which is transforming grocery retailing in the UK,” Ocado chief executive Tim Steiner said on Tuesday.

“We are proud to have opened our Erith Customer Fulfilment Centre this summer on time and on budget. At full capacity, this state of the art CFC will be the largest automated warehouse for online grocery in the world.”

Steiner said that in the last week alone, Erith had processed over 20,000 customer orders just 14 weeks after opening, a number which took Andover 15 months to achieve.

“Together, Andover and Erith provide new opportunities for growth in our UK retail business while showcasing the scalability and adaptability and efficiency of our platform,” he added.

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