StockMarketWire.com - Retail revenue at Ocado Retail has grown 10.3% so far in 2020, reaching £441.2m in the 13 weeks to March 1, 2020.

According to its latest trading statement, the joint venture between Ocado Group and Marks & Spencer has seen a spike in the value of customer baskets since the quarter end - a result, it says, of coronavirus concerns.

The average number of weekly orders during the period was up 10.2% to 343,000, while the value of the average order increased 0.3% to £110.24.

Melanie Smith, Ocado Retail's chief executive officer, said she expects the impact of forward buying to unwind at some point.

'However Coronavirus unfolds, what is clear is that the fundamentals at Ocado Retail are strong, illustrated by double digit increases in customer orders, driven by consistent execution, which deliver a best-in-market customer experience,' she said.

'Preparations for the M&S switchover from Waitrose, this September, are on track, and we are looking forward to building closer and stronger relationships with our branded suppliers as part of the transition.'



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