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Ocado reports strong growth, but can’t escape the spending slowdown





Ocado

LONDON – Online grocery retailer Ocado reported strong growth in its quarterly results on Tuesday, as more customers moved to shopping online.

For the quarter to 27th August, revenue was up 13.1% to £312.7 million compared to the same quarter last year, while orders per week were up 16%, to 254,000.

However, the average size of customers’ spend dropped just over a percent, from £107.56 to £106.25.

While more people appear to be shopping online at Ocado, the retailer does not seem to be immune to the spending slowdown, and shares dropped more than 5%.

Nevertheless, CEO Tim Steiner was positive about read more >>>

Source:: BusinessInsider.Com

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