Ocado Group Plc reported quarterly sales growth that matched analysts' estimates, as the company’s status as the UK’s largest online-only grocer helped it weather a tough grocery market.
Revenue rose 15 per cent to £252 million ($389 million) in the 12 weeks ended 9 August, Hatfield, England-based Ocado said in a recent statement. The figure excludes payments received through Ocado’s licensing partnership with Wm Morrison Supermarkets Plc.
“Notwithstanding the competitive nature of the marketplace, we expect to continue growing slightly ahead of the online grocery market," chief executive officer Tim Steiner said in the statement.
Ocado shares have lost about a third of their value in the past two months amid speculation that Amazon.com, Inc. is laying the groundwork for a UK debut of its Fresh grocery-delivery service.
The prospect of more competition is increasing the pressure on Steiner to come good on his target of signing a first deal to license the company’s technology to an international grocer this year.
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