Ocado retail sales are up 10.6% as it gains customers
Ocado volumes grew 8.1% in Q1 YoY, driving Q1 retail revenue growth of 10.6% to £645.3 million. The average basket value was up 2.1%, while basket size was stable year-on-year.
Indices
Most indices remained in consolidation mode on Monday; in the US, equity markets recorded small losses, and the session was mixed overnight in the APAC region.
German GfK consumer confidence
In Australia, consumer sentiment fell in March. The Westpac reading dropped by 1.8% month-over-month (MoM) to 84.4. The downturn was attributed to renewed concerns about the near-term economic outlook, with fears regarding inflation and interest rate hikes only easing marginally. In Germany, GfK consumer confidence rose to -27.4 in April from -29 the previous month.
CB consumer confidence
A few indicators are awaited on the other side of the Atlantic. Durable goods orders are expected to rise by 1% in February year-over-year (YoY). The S&P/Case-Shiller home price is forecast to increase by 6.8% year-over-year (YoY) in February. CB consumer confidence is seen unchanged at 106.7 for the month of March.
Ocado
Ocado volumes grew 8.1% in Q1 year-over-year (YoY), driving Q1 retail revenue growth of 10.6% to £645.3 million. The average basket value was up 2.1%, while basket size was stable year-on-year. Flutter Entertainment posted a $1.2 billion loss after $1.68 billion impairment charges. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 45%. Bellway saw its revenue fall by 29% in H1 and expects to deliver around 7,500 homes in finacial year (FY), to be compared with nearly 11,000 last year.
Cocoa
Cocoa prices extended their gains on Monday. In New York, the soft commodity rose by $700 to $9,300 per tonne, making it now more expensive than a tonne of copper. This month alone, cocoa prices are up 60%. They have doubled in only eight weeks. Cocoa surging prices have become a major problem for Ghana, the world's second-largest cocoa producer. The country is now facing funding challenges. The industry regulator in the country, the Ghana Cocoa Board, also known as Cocobod, relies on foreign financing to pay farmers for their beans. But because of the plunge in production, there are now not enough beans produced to secure the funding facility.
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