Ocado eyes increased sales growth in Q4

Online grocer Ocado said gross sales increased 9.9 per cent in the 12 weeks to August 5th 2012 and expects an increase in the rate of sale growth in the fourth quarter.

Year to date gross sales growth to the end of the third quarter was 11.3%.

Average orders per week for the 12 weeks to Aug 5th increased by 8.6% to 120,494 while average order size for the period was £112.44 compared to £111.08 in equivalent period in 2011.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

"Whilst we do not expect consumer pressure and volatility to ease in the immediate future, we anticipate an increase in the rate of sales growth in Q4," the group said.

Chief Executive Officer Tim Steiner added: "The grocery market and the general economic picture remain challenging, with consumer confidence subdued and significant competitive couponing activity."

"Notwithstanding this environment, we have continued to build on the foundations we have put in place to deliver growth and operational improvement through the rest of this year and for the future, and we are targeting an increase in sales growth through the remainder of the period."

CJ