Ocado Group Warns of Lower Fiscal Year 2022 Sales as Inflation Hits Consumers
September 13 2022 - 2:08AM
Dow Jones News
By Sabela Ojea
Ocado Group PLC said Tuesday that revenue increased in the third
quarter of fiscal 2022, but that it expects to see a decline in
full-year sales as inflation hits consumers' spending ability.
The online grocer and retail-technology specialist said revenue
for the 13 weeks ended Aug. 28 increased 2.7% to 531.5 million
pounds ($621 million) a year earlier, boosted by an 11% rise in
average orders per week.
The FTSE 100 listed company said its active customer numbers
also grew by 23% on year, but that the value of its consumer's
average basket declined by 6% and it expects to see a decline in
fourth-quarter profitability.
The company, which increased its selling prices by 5% on year,
hasn't been able to offset the high energy costs it faces and, even
though sales for the fourth-quarter are anticipated to grow by a
mid-single digit, full-year sales are expected to decline.
Ocado also expects to close its fiscal 2022 with close to
break-even earnings before interest, taxes, depreciation and
amortization, it added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
September 13, 2022 02:53 ET (06:53 GMT)
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