Q1 revenue up 10.6
Active customers up 6.4 to 1.02 million
Average selling price up 2.2
Ocado and MS wrangling over final payment

LONDON, March 26 Reuters British online supermarket Ocado Retail kept its guidance for the year as it reported a 10.6 increase in firstquarter revenue reflecting growth in customer numbers.

The 5050 joint venture between Ocado Group and Marks Spencer said on Tuesday that a focus on sharper prices was working.

We have made a strong start to the year, building on the momentum we established in 2023, CEO Hannah Gibson said.

Our strategy is resonating with customers and volume growth is building well.

Ocado Retail said average selling price growth in its first quarter to March 3 was 2.2 below grocery market inflation, which was 5.3 in researcher Kantar39;s February report.

It lowered the prices of 1,700 products during the period and also added more MS lines to its range.

Retail revenue in the quarter was 645.3 million pounds 816.4 million and active customers rose 6.4 to 1.02 million.

Volume, or total items sold, grew 8.1 to 242.1 million, with average orders per week up 8.4 to 414,000 and average basket value up 2.1 to 125.47 pounds.

Ocado Retail stuck with its guidance for fullyear 202324 revenue growth of midhigh single digits percent and an underlying EBITDA margin of about 2.5.

Ocado Group and MS are wrangling over a final payment for MS39;s share of the venture which was formed in 2019.

MS says the business has not met the…