Online grocer Ocado's (OCDO) trading update, covering the 12 weeks to 5 August, contained little to impress investors. True, gross sales did rise 9.9 cent in that period - but that was below analysts' consensus estimates of 11-13 per cent growth.
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Management blames the impact on ordering patterns from the Jubilee and the Olympics - even though these events provided a boost for some other retailers. The group also highlighted robust competition, particularly from short-term vouchering. Management says Ocado "placed less emphasis" on such activity - and was therefore able to preserve margins.
