Q4 202223 revenue up 10.9
Hit highest ever level of sales over Christmas peak
Sees revenue growth in 202324 in midhigh single digits.

LONDON, Jan 16 Reuters British online supermarket Ocado Retail said on Tuesday it would return to positive earnings for the 202223 year after revenue growth accelerated in its fourth quarter as it won more customers.

The business is a 5050 joint venture between Ocado Group and Marks Spencer and shares in Ocado Group jumped 6 in early trading.

The joint venture did, however, caution that revenue growth in its new 202324 year was likely to be impacted by lower growth in average selling prices as it invests in sharper prices and as food price inflation continues to subside.

It forecast overall revenue growth in 202324 in the midhigh single digits.

Online39;s share of Britain39;s total grocery market was about 7 before the onset of COVID19 in 2020. It peaked at about 15 during the pandemic, but has since fallen back to 11.6, according to Kantar data, as shoppers returned to stores.

Ocado Retail said its revenue rose 10.9 to 609.4 million pounds 772.4 million in the 13 weeks to Nov. 26 a fourth consecutive period of quarteronquarter growth.

The joint venture benefited from a 5.9 rise in active customers to 998,000, a 4.8 increase in volumes, or number of items sold, and a 3.8 rise in average basket value.

Our trading performance, and our focus on costs, has translated through to our bottom line, returning to positive EBITDA for the…