Ocado Wins Over New Customers With Price Cuts and Promotions [BNN Bloomberg (Canada)]
MARKS & SPENCER GRP S/ADR (MAKSY)
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Source: BNN Bloomberg
The venture between Ocado and Marks & Spencer Group Plc said volumes grew almost 8.1% in the 13 weeks to March 3, compared with a year earlier. Its number of active customers also rose to 1.02 million, with revenue climbing 10.6% to £645 million ($816 million) from a year earlier. The company kept revenue guidance unchanged at mid to high single digit percentage growth. Ocado has won over customers by “lowering the price of 1,700 more products in our latest Big Price Drop promotion alongside further expanding the Ocado Own Range,” said Hannah Gibson, chief executive officer of Ocado Retail. The online grocer, a favorite of England's middle classes, said its average selling prices rose by just 2.2%, below the rate of UK inflation. ©2024 Bloomberg L.P.
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