Markets News

Britain's Ocado sees retail sales soar 52% in latest quarter

LONDON, Sept 15 (Reuters) - Ocado Group, the British online supermarket and technology group, said on Tuesday Ocado Retail’s revenue rose 52% in the 13 weeks to Aug. 30, with the coronavirus pandemic generating huge demand for online deliveries.

That growth for its fiscal third quarter compares with 27.2% in its first half and a second-quarter exit rate of over 40%.

Ocado Retail, is a joint venture between Ocado Group and Marks & Spencer. The period of the trading update pre-dates Ocado Retail replacing Waitrose products with Marks & Spencer products from Sept. 1. Ocado said customers have responded positively to the switch.

Reporting by James Davey, editing by Louise Heavens