25 May 2012

Ocado reports strong Christmas

12/01/2012 Ben Jaglom

Online grocer Ocado (OCDO) reported a 16 per cent rise in sales for the four weeks to Christmas as it battles against Waitrose's online offering

The fully-listed concern announced gross sales of £59 million over the period with customer orders up 21.8 per cent against the same period last year. For the seven days to Christmas sales were up 23.8 per cent to £18.7 million.

The company enthused that 97 per cent of orders were on time or early as opposed to the 94 per cent declared last year. The group noted its own label sales rose by 88 per cent over the period adding that other products to have performed well included sales of Christmas crackers and Daylesford Organic (a range of organic foods such as cheeses, breads and meats).

Analysts at Numis are forecasting a loss of £1.7m (loss per share of 0.3p) on sales of £597.9m for the year to November 2011. In 2012 a profit of £2.7m (EPS: 0.5p) on revenues of £687.3m are expected.

Despite the solid numbers, they stand against a 2010 that was marred by extreme weather conditions including heavy snow. Its biggest challenge remains the entrance of Waitrose into the online grocery business, with Ocado's primary strength remaining the fact it sells Waitrose groceries.

However Waitrose themselves offer a number of advantages over Ocado's service, including free delivery for orders over £60. The only reason to hold on is for the vague rumours of bid, but at 71p, our advice is to sell the shares.

Tags: Christmas trading, GCI sell, Online businesses, Retailers

Sector: Food & Drug Retailers

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