Ocado Retail, a joint venture between Ocado and Marks & Spencer, has maintained its full year financial guidance after posting an uplift in revenue in its first quarter.
In the 13 weeks to 26 February, retail revenue rose by 3.4% year-on-year to £584 million.
The company benefited from continued growth in new customers in the period and a 3.6% increase in average orders. In addition, the number of active customers stood at 951,000 at the end of the quarter, which was 13.8% more than in the corresponding period a year earlier.
Ocado Retail has maintained its previous full year guidance given in February of mid-single digit revenue growth, with an improving trajectory during the year, and marginally positive EBITDA.
