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Ocado Group PLC said Tuesday that revenue increased in the third quarter of fiscal 2022, but that it expects to see a decline in full-year sales as inflation hits consumers’ spending ability.
The online grocer and retail-technology specialist
OCDO,
said revenue for the 13 weeks ended Aug. 28 increased 2.7% to 531.5 million pounds ($621 million) a year earlier, boosted by an 11% rise in average orders per week.
The FTSE 100 listed company said its active customer numbers also grew by 23% on year, but that the value of its consumer’s average basket declined by 6% and it expects to see a decline in fourth-quarter profitability.
The company, which increased its selling prices by 5% on year, hasn’t been able to offset the high energy costs it faces and, even though sales for the fourth-quarter are anticipated to grow by a mid-single digit, full-year sales are expected to decline.
Ocado also expects to close its fiscal 2022 with close to break-even earnings before interest, taxes, depreciation and amortization, it added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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