OCDO Ocado Group Plc

By Sabela Ojea

Ocado Group PLC said Tuesday it benefited from strong underlying demand in the fourth quarter of fiscal 2021, though retail revenue fell amid a changing post-lockdown environment in the U.K.

The online grocer and retail-technology specialist said retail revenue declined to 547.8 million pounds ($723.8 million) for the 13 weeks ended Nov. 18 from GBP570.1 million a year earlier.

When compared with pre-Covid-19 levels during the same period in 2019, retail revenue rose from GBP416.2 million

The FTSE 100 company said its average orders per week were stronger driven by a 22% increase in active customers to 832,000.

However, it was hit by labor shortages, cost inflation linked to utility price increases and dry-ice shortages, and the fact that the value of the average basket fell 12% to GBP118 as many consumers spent less time at home after having to return to the office.

The company also suffered the effects of capacity constraints, it said, adding that it will book GBP50 million in increased investments in 2022 to support its long-term growth.

Ocado said that full-year results for fiscal 2021 are expected to be in line with guidance, and that it anticipates a return to strong, mid-teens revenue growth in 2022, at the top of the historical pre-pandemic range of 10%-15%.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 14, 2021 03:09 ET (08:09 GMT)

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