The Ocado Group PLC (LON: OCDO) share price rallied 6.18% after releasing its Q4 results for the 13 weeks ended 26 November 2023. The company noted that it generated revenues worth £609.4 million during the quarter, a 10.9% increase compared to Q4 2022. The results mark the fourth successive quarter of growth, surpassing the 7.2% growth in Q3.
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There was a consistent growth in the volume of items sold, with a 4.8% increase year-on-year. Weekly orders on Ocado.com averaged 407,000, representing a 6.3% increase from the previous year. The number of active customers by the end of Q4 reached 998,000, which is a 5.9% increase year-on-year.
The average value of orders on Ocado.com rose by 3.8%, while the average number of items per order stayed relatively steady at 44 items. The average selling price (ASP) saw a 5.4% year-on-year increase. The rate of increase was again below the general market inflation, indicating Ocado's ongoing commitment to competitive pricing strategies.
The company also released its full-year results for 2023, which showed that its annual retail revenue reached £2,357.5 million, marking a growth of 7.0% compared to the previous year. The total number of items sold on Ocado.com experienced a slight decrease of 0.9%. The post-pandemic period adjustments and the ongoing economic challenges influenced this trend.
The average weekly orders on Ocado.com rose to 393,000, an increase of 4.0% from last year. This growth is attributed to a rise in the number of active customers.
The average value of orders on Ocado.com saw a 2.7% increase, though the average number of items per order dropped by 4.5% year-over-year to 44. This shift reflects changes in consumer behaviour post-pandemic and the impact of the economic situation.
The average selling price (ASP) experienced a 7.9% increase over the year, significantly lower than the overall market inflation. This indicates Ocado's emphasis on competitive pricing strategies. The focus on cost management and trading performance has led to a positive EBITDA for the entire year.
Ocado share price.
The Ocado share price rose 6.18% to trade at 661.00p from Monday’s closing price of 622.50p.
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