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Dow Jones Newswires: Ocado Group expects decline in full-year sale as inflation hits customers

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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

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; @sabelaojeaguix

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