Just Eat sees growth in UK and Europe offset by US woes
The food delivery firm saw UK and Ireland sales rise 6% in the third quarter, but fall 12% across the US.
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Food delivery giant Just Eat Takeaway has seen tough trading in the US weigh down on the wider group and offset a better performance in the UK and Europe.
The Amsterdam-headquartered group posted a 3% drop in sales, as measured by gross transaction value (GTV), to 6.3 billion euro (£5.3 billion) in the three months to September.
In the UK and Ireland, GTV lifted 6% to 1.8 billion euro (£1.5 billion) and was 4% higher across northern Europe, or 4% and 3% higher on a constant currency basis respectively.
But a 12% tumble in the US market, where it is still trying to offload its Grubhub business, dragged down the wider group result.
Just Eat said it saw a better performance across the group towards the end of the third quarter after a “slower July”.
It also delivered fewer orders through its platforms in the third quarter, down 1% in the UK and Ireland at 60.1 million, with a 6% drop across the group to 211.1 million following the US woes.
The third quarter performance marks a pull back after its best UK trading for three years in the first half thanks partly to higher food price inflation boosting order values.
The London-listed group saw GTV rise by 9%, or 6% on a constant currency basis, to 3.4 billion euro (£2.8 billion) in the first half of 2024.
On the latest third quarter trading figures, chief executive Jitse Groen said: “Northern Europe and the UK and Ireland continued their positive momentum, and these segments now represent circa 60% of the group’s total orders.
“In line with our strategy to diversify, several new partnerships were launched across adjacencies like grocery, pharmacy and wellness in many of our markets.
“Furthermore, cost and operational efficiencies have allowed us to increase investments while maintaining our outlook.
“We are well on track to deliver our guidance for the full year.”
Shares in the firm were 2% lower on Wednesday morning trading.
Just Eat recently agreed a tie-up with sex toy maker Lovehoney that will see it deliver “sexual wellbeing products” and accessories.
It is the latest in a string of non-food-related partnerships with Just Eat in recent months, following deals with Lush cosmetics and Boots.