Ocado: share dives after profit warning
(CercleFinance.com) - Ocado Group shares are down about 12% in London after Ocado Retail, its joint venture with Marks & Spencer, issued a profit warning at a trading update for Q3.
Revenue growth in Q4 is not expected to be enough to generate growth for the full year and we now expect a small decline in annual sales, with EBITDA close to breakeven, management said.
In Q3 (to end-August), the internet food retailer reported sales of 531.5 million pounds, up 2.7%, on average orders per week of 374,000, up 10.7%.
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Revenue growth in Q4 is not expected to be enough to generate growth for the full year and we now expect a small decline in annual sales, with EBITDA close to breakeven, management said.
In Q3 (to end-August), the internet food retailer reported sales of 531.5 million pounds, up 2.7%, on average orders per week of 374,000, up 10.7%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.