Ocado records 7% year over year profits rise in third quarter

Ocado has announced profits of almost £570 million in its third quarter.

The online grocer said the revenues indicated a rise of over seven per cent compared with the same period in 2022.

Ocado said that factors including its Perfect Execution Programme, an initiative to improve operations which launched in January, had further strengthened our customer proposition while its Big Price Drop campaign also contributed to the strong third quarter performance.

“We are delivering on this plan [Perfect Execution Programme] and have great momentum in the business, with revenue growing faster in Q3 than in H1 and a return to positive volume growth in the last month of the quarter,” said Ocado chief executive Hannah Gibson.

Gibson also announced the opening of a new robotic customer fulfilment centre in Luton which she said would enable “huge leaps forward” in fulfilment productivity and a better experience for customers.

“Opening Luton will enable us to double productivity versus our first generation Hatfield site. Our robotic CFC in Purfleet is now already regularly achieving UPH (units processed per labour hour) of over 220 and we expect Luton to achieve 300+.”

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