Ocado has reported a rise of 30% in its food sales

The online grocery retailer company Ocado has reported a rise of nearly 30% in its food sales in the previous quarter of this year and exacting the same pace of rise in sales to continue in the near future. According to the record of the company its total sales stood at 126.5 million pounds in the 12 weeks till August. Meanwhile, the share price of Ocado fell down by nearly 5% in the morning trading disappointing the share holders.

Ocado had listed its shares in the market in the month of July but the company was forced to cut the asking price for the float because of the lack of interest amongst the investors.

But the chief executive of Ocado, Tim Steiner said the listing had fulfilled its aim to raise the money the company needed to expand.

In that period the company entered in to the next phase of its development and became a public company welcoming new investors to invest in to the company.

The chief executive said it was the right time for the company to raise capital for its growth.