Ocado Group Plc’s online grocery business lifted its revenue guidance for the year after a strong third quarter for the retailer, a favorite of England’s middle classes.

Ocado Retail, a collaboration between Ocado Group and Marks & Spencer, has announced a 15.5% revenue increase to £658m in the third quarter (Q3) of fiscal 2024 (FY24), up from £569.6m in Q3 FY23.

Ocado lifted its revenue guidance for fiscal 2024 and confirmed its earnings target, after its retail joint venture with Marks & Spencer posted a sharp increase in third-quarter sales, supported by improved volumes.

By Sarah Young LONDON (Reuters) -British online supermarket Ocado Retail said it was focused on competitive pricing as it sticks with its strategy of prioritising customer growth after a strong third quarter helped lift its annual revenue guidance.

The online retailer said revenue rose 15.5% year on year to £658m for the quarter ending September 1, while average orders per week rose 14.7% to 437,000

In the 13 weeks to 1 September, Ocado Retail, a joint venture between Ocado and Marks & Spencer, saw revenue rise over 15 per cent to £658m, up from £569m by the same point a year ago.

LONDON (Reuters) -British online supermarket Ocado Retail lifted its revenue guidance for its 2023-2024 year after sales jumped 15.5% in its latest quarter, as a focus on value attracted more customers.