Executive Summary

• Ocado Group reported FY18 revenues of £1.60 billion, up 9.9% from 2017 (a 53-week year) and missing the consensus of £1.62 billion. On a 52-week basis, the company grew revenues 12.3%
• The company posted a loss per share of 6.87 pence in FY18, compared to a loss per share of 1.39 pence in the previous year and below the consensus estimate of a 3.8 pence loss per share recorded by StreetAccount.
• In FY19, Ocado expects to grow retail sales in the range of 10%–15%, as it ramps up its fulfillment capacity. It expects to gain market share in the U.K.