Ocado sales surge but investors wary

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first_img Show Comments ▼ Share Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndo Ocado sales surge but investors wary ONLINE retailer Ocado yesterday said its sales had surged by almost 30 per cent – but investors remained unconvinced and the announcement was greeted with a dip in its share price.The company, which recently completed a controversial flotation, hasn’t made an annual operating profit since it launched ten years ago, but hopes to go into the black next year.Ocado said gross sales in the 12 weeks to 8 August rose 29.5 per cent to £126.5m from £97.7m in the same period last year, supported by higher take-up of its pre-ordered fish and meat “service counter” offer.Ocado, which mainly sells Waitrose products, began listing its shares in July, but a lack of interest among investors forced the company to cut the asking price for the float to 180p from an initial figure of 200p-275p. It has been trading below that since the float.Its shares yesterday closed seven per cent lower at 146p valuing the company at around £825m.Chief executive Tim Steiner said he was “disappointed” for shareholders that the price was not higher but that the company was looking to the medium to long term to reap the rewards of hard work done now. “We are delighted with the (sales) performance. We hope that 2011 will be the year when people can stop calling us the loss-making online retailer”. Average order size during the quarter was £113.59, marginally down on the £114.73 recorded a year earlier. Ocado said gross profit margins were stable while earnings were rising in line with trend in the first half.“The group has to engage in material capital investment to sustain its sales growth and has yet to demonstrate profitability on an already considerable sales base, we continue to harbour reservations about the valuation of Ocado,” said Shore Capital analyst Clive Black. KCS-content center_img whatsapp Tuesday 7 September 2010 11:01 pm whatsapp More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Tags: NULLlast_img read more