Ocado Group Plc (OCDGF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Ocado Q4 2024 analyst call. I will now hand over to Chief Executive Officer Hannah Gibson. Please go ahead. Good morning all. Thank you for joining Ocado Retail's Q4 results today. I'm Hannah Gibson, CEO of Ocado Retail, and I'm joined by Matt Ankers, our CFO. There's been a lot going on at Ocado Retail in 2024, and we've made great progress on delivering on our perfect execution strategy And as a result, we've seen strong growth, which accelerated as the year progressed. Our proposition is resonating with customers. We've seen more people shopping with us more often as we give them even better service at better value. Let me share some of the key highlights from the Q4 period, which includes the 13 weeks to the 1st of December 2024. Our retail revenue grew by 17.5% to £716 million. On Ocado.com, our volumes grew by 17% year-on-year, and average orders per week grew by 16.9% to 476,000. We hit half a million orders per week at the end of Q4. Looking now to the full year FY24 results, which includes the 52 weeks of 1st December 2024, our retail revenue grew by 13.9% to £2,668,000,000. Volumes, total items on Ocado.com grew by 12.9%, and average orders per week grew by 12.5%. driven by growth in active customer base of 12.1% to 1.1 million customers and frequency increased as customers shop with us more often. Average basket value increased by 1% to £122.09 due to growth in basket size, up 0.3% to 44.3 items and a 0.6% increase in ASP, well below the UK grocery inflation as we continue to invest in price. Given our growth rates, as you'd expect, we delivered our biggest ever Christmas as our customers made the most of the season to indulge in our massive range. And customers continued to reach all their M&S favourites too, from the party...