Ocado Retail, a joint venture between Ocado Group and Marks & Spencer (M&S), has reported revenue of £569.6m ($705.65m) in the third quarter (Q3) of fiscal year (FY) 2023, up 7.2% compared to the same quarter in FY22.

During the 13 weeks to 27 August 2023, average orders per week of Ocado.com rose 1.9% to 381,000 from 374,000 in the prior year's period.

The company’s active customers reached 961,000 at the end of Q3 FY23, up 1.5% from 946,000 a year ago.

In the period, the average basket size, which is the number of items per order, declined by 3.9% and stood at 44 while the average basket value at Ocado.com was up 4.2%.

Ocado’s average selling price (ASP) increased 8.4% in Q3 FY23, driven by the retailer’s continued focus on improving pricing relative to the market.

Ocado Retail chief executive officer Hannah Gibson said: "The continued progress in Q3 underpins our confidence in delivering our FY23 guidance of mid-single digit revenue growth and full-year profitability and we have started the final quarter positively.

“Ocado Retail brings together Ocado Group's cutting-edge technology and the magic of M&S to deliver the very best experience for our growing customer base. We continue to deepen our collaboration with M&S, including hundreds of new M&S lines set to launch in the Autumn.

“Together with our partners, we are intent on bringing even lower prices, more choice and greater convenience to our customers. We are making good progress, but we want to go even further.”

For the full year 2023, Ocado expects revenue to grow by mid-single digit growth and earnings before interest, taxes, depreciation and amortisation to be marginally positive.