40% revenue growth for Ocado as customers make "permanent shift to online grocery shopping"
Online grocery retailer Ocado has revealed an almost 40 per cent year-on-year revenue growth for the first quarter of the year.
In its Q1 results published today, the firm has seen sales of £599m, compared with quarterly revenue of £428.8m in the same period of the previous year - a 39.7 per cent increase.
The group, which over the past 12 months has developed its joint venture with M&S as well as investing in customer fulfilment centres across the country, attributes the growth to the growing trend for online grocery shopping accelerated by the pandemic.
Melanie Smith, Ocado Retail’s chief executive officer, commented: “Over the past year, large numbers of UK consumers have made a permanent shift to online grocery shopping.
“Ocado Retail is best placed to serve these customers as we continue to improve the customer experience through the joint venture with M&S, adding new products, offering greater value, and maintaining high customer service levels.
“Q2 2021 represents the one year anniversary of the start of the Covid-19 pandemic which accelerated the demand for online grocery.
“While this year’s quarterly sales figures will reflect the year-on-year comparisons with periods of full lockdown, we expect strong growth over the coming years as we continue to lead the charge in changing the UK grocery landscape, for good.”
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