Ocado reports good growth

Online grocery store Ocado has reported double digit growth in the last financial quarter. It had a turnover of £272 million in the quarter to August the 9th, up 17.3% compared to the same period last year.

Though average order size had fallen by 1.1% to £110.46, the average orders per week increased by 16.6% to 190,000.

The UK online grocery market is only now seeing major returns, with many online supermarket sales making giants like Tescos and Sainsbury losses. Ocado has no physical high street presence unlike its rivals and success is predicated solely on online sales where the losses can be buffered by their supermarket rivals’ physical shops.

Ocado’s Chief Executive Officer Tim Steiner said, ““We are pleased with the continued steady growth of our business in a retail environment that remains tough.”