Ocado see gross sales increase

Ocado has seen gross sales increase by 29% to £551.1m in the 25 weeks ending 28 November 2010, meeting its targets after flotation on the stock market.

Net revenue increased by 28% to £515.7m in the backdrop of the launch of Ocado’s own-label range, which has been introduced to complement the Waitrose own-label products. It is said that 64% of all baskets contained an Ocado product in the final four-week period of the year.

Tim Steiner, Ocado CEO, said: “This was a landmark year for Ocado, with gross sales up 29% for the year; we have delivered on the targets set out at the flotation. We have continued our focus on improving the customer offer, which has led to a record number of customers and sales with the achievement of profitability in the final quarter. Ocado’s growth continues to outpace the market.”

Ocado added that growth has continued into the new financial year, seeing gross sales increase, in line with market expectations, by 25% since the start of the financial year.

>>City Talk: Ocado bid possible

>>Ocado set to go public


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