Ocado Retail – the joint venture that was established earlier this year between Ocado Group and Marks and Spencer – has reported rising revenues after what it called a “strong quarter”.
Retail revenues rose 10.8% to £429.1m in the 13 weeks to 1 December, with average orders per week up 10.4% to 350,000.
Under the deal announced by Ocado and M&S in February, M&S products will replace those of Waitrose on the Ocado website next year.
In its latest trading update, Ocado Retail said that after a review of its product range, it found that “M&S has substitutes at the same price or lower, and of the same quality or better, for the majority of those currently supplied by Waitrose (which represent just over 4,000 products out of the current total range of over 55,000)”.
“We also anticipate adding many more additional M&S lines to the range.”