Ocado Retail has said it enjoyed a record Christmas to close out a strong year, driven by a growing range of Marks and Spencer Group PLC (LSE:MKS) goods on the joint venture platform..
Revenue surged by 17.5% to £715.8 million in the fourth quarter, taking the figure up 13.9% to £2.69 billion over the year, the Ocado Group PLC (LSE:OCDO) and M&S-owned joint venture said Tuesday.
Volumes grew 17% during the quarter to 271.6 million items as active customer numbers climbed 12.1% to 1.1 million, pushing volumes up 12.9% for the year.
Ocado noted almost all of M&S' addressable range was now offered through its online supermarket, alongside own branded goods, while price cuts also helped fuel growth.
“We know M&S products continue to bring new customers to Ocado.com,” the company said.
Record sales were also recorded over the key Christmas trading period, with Ocado again flagging demand for M&S’ seasonal range after the retailer unveiled its own strong festive figures earlier in the month.
“2024 was a year of strong growth,” Ocado Retail chief executive Hannah Gibson commented.
“We've made a series of significant improvements - including making sure customers can buy all their favourite M&S products, ensuring our service is near perfect, shifting our value perceptions as customers realise how much we've moved on price.”
Ocado added it had enjoyed “strong” pre-tax earnings growth in 2024 and that further market-leading sales growth and profit improvement was expected over the coming year.