Ocado reports sales increase

Online supermarket Ocado reported a 13.1 per cent rise in fourth-quarter sales.
By The Newsroom
Published 8th Dec 2016, 09:01 BST
Updated 14th Dec 2016, 13:36 BST
Ocado reported a 13.1 per cent rise in fourth-quarter salesOcado reported a 13.1 per cent rise in fourth-quarter sales
Ocado reported a 13.1 per cent rise in fourth-quarter sales

Ocado's range includes products supplied by upmarket supermarket Waitrose. It also has a distribution agreement with Bradford-based Morrisons, Britain's fourth biggest food retailer, that was renegotiated in August.

The company reported gross retail sales of £398.1m in the 16 weeks to November 27, up from £351.8m in the same period last year.

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Including the fees Ocado earns from Morrisons, gross sales rose 14.5 per cent to £436.8m.

Shares in Ocado have had a rollercoaster ride since listing at 180p in 2010. They have fallen 21 per cent over the last year.

Potential deals with retailers in north America and western Europe are seen by analysts as the key influence on Ocado's stock market valuation. But the company missed its target of securing a deal by the end of 2015 and is still to announce one.

Full-year gross retail sales rose 15.1 per cent to £1.39bn.

Related topics:MorrisonsWaitroseBradfordBritainEurope