Ocado Beats Full-Year Sales Forecast - TheStreet

Ocado Beats Full-Year Sales Forecast

The Ocado delivery service posted strong results despite facing increasing pressure from Amazon.
Author:
Publish date:

Ocado (OCDDY) shares soared on Tuesday, leading European market gainers, after the U.K. online grocery delivery service beat full-year sales forecasts and said it is in talks with overseas partners.

Ocado said that revenue increased 14.8% to £1.267 billion ($1.59 billion) for the 52 weeks to Nov. 27, with gross sales rising 13.6% to £1.271 billion compared with the same time period the year before. The company reported pretax profit was up 21.8% in the year to £14.5 million, better than the £11.3 million expected by analysts.

Ocado faces intense pressure from Amazon's (AMZN) - Get Report rapidly growing food delivery service in the U.K.

Ocado CEO Tim Steiner said that the results "reflect trading in our core business and show continued progress against our strategic objective in what has been a challenging retail environment."