Shares of Marks & Spencer Group PLC (LON: MKS) are trading over 5% higher this morning after online grocery retailer Ocado reported that its joint venture (JV) with the fashion firm witnessed its revenue rise by 52% in the third quarter.
Ocado retail offers around 6,000 products as well as 800 items from its clothing and home lines.
‘These are transformational times for Ocado Retail with M&S products now exclusively available online at Ocado.com,’ chief executive Melanie Smith said.
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The strong performance of Ocado retail could help Ocado to post EBITDA of at least £40 million. The division’s sales for three months ending 30 August rose to £587.3 million, up from £386.4 million.
‘Our aim is to continue to set the bar as we begin again to welcome new customers who are seeing the benefits of online shopping in ever greater numbers and we remain focused and on track to increase capacity by 40% through to 2021,’ Smith added.
Marks & Spencer share price gained over 5% to trade above 110p.
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