Ocado reports jump in end-of-year sales
Ocado Group has cheered its investors with news of a jump in gross sales during the 16 weeks to 30 November.
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The online grocer reported an 18.6% climb in gross sales to £331.9m, which helped lift sales for the year to the end of November by 20.4% to £1,026.5m.
The average number of orders per week in the four-month period leapt from 152,000 to 177,000, although the average order size declined 1.7% to £109.74.
At the end of November, the group had cash and cash equivalents of £76.3m and external borrowings of £44.9m.
Chief executive officer Tim Steiner said: "We are pleased with the continued steady growth in our business against the backdrop of a more competitive grocery market. This performance reflects an increasing number of customers who value the wide range of products, keen prices and great service made possible by Ocado's unique operating model, and further demonstrates the ongoing shift to online grocery shopping.
"We remain committed to constantly improving the quality of the proposition to customers, which we believe will support continued growth, and although we anticipate the retail environment to remain challenging, we expect to continue growing sales slightly ahead of the online grocery market."
The share price had jumped 3% to 344.20p by 08:38.