Just Eat Takeaway.com 3Q Orders Fell Due to Tough Covid-19 Comparator; GTV Rose 2% -- Update

By Kyle Morris

Just Eat Takeaway.com NV said Wednesday that third-quarter orders fell 11% and that it was sticking to the guidance previously given for the full year.

The Amsterdam-based food-delivery group said it processed 235 million orders in the quarter, an 11% decrease on year, predominantly caused by the end of Covid-19 restrictions.

Gross transaction value for the quarter rose 2% on year to 6.92 billion euros ($6.82 billion) from EUR6.80 billion, driven by a higher average transaction value and positive foreign exchange movements.

Adjusted earnings before interest, taxes, depreciation and amortization--which strips out exceptional and other one-off items--improved in all segments in the quarter, it said. In Northern Europe, Germany remained the most important growth driver with year-to-date positive order growth. Revenue per order improved, resulting in positive adjusted Ebitda in the third quarter.

Chief Executive Jitse Groen said the consumer backdrop looks like it will be challenging due to the macroeconomic environment, but that the company is well-capitalized after the sale of the iFood stake.

"After two years of significant investment following the merger and the pandemic, I am pleased that Just Eat Takeaway.com has returned to profitability earlier than anticipated. Driven by a wide range of initiatives, we continue to improve our operational efficiency whilst simultaneously enhancing the user experience and consumer proposition," Mr. Groen said.

Just Eat Takeaway reiterated its guidance for the full year. It sees positive adjusted Ebitda in the second half of 2022 and GTV is seen to grow by low-single digit on year.

Write to Kyle Morris at [e-mail]

(END) Dow Jones Newswires

October 19, 2022 02:07 ET (06:07 GMT)

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