Food delivery company Just Eat has posted a drop in sales as order numbers fell across all regions, but has reiterated its full year guidance.
In a third quarter trading update, the London-listed company revealed its total gross transaction value (GTV) fell three per cent to €6.34bn (£5.3bn), down from 6.53bn (£5.46bn) in the year-ago period.
Excluding North America, where GTV fell 11 per cent, total GTV grew two per cent. Across its Southern Europe and Australia division, GTV plunged 12 per cent.
However, Just Eat reported “continued momentum” in its northern Europe and UK and Ireland businesses, which now represent around 60 per cent of orders.
Total order numbers tumbled six per cent to 211.1m, down from 224.2m in the third quarter of 2023, with all regions seeing a drop.
Despite this, chief executive Jitse Groen said: “We made good progress across our key strategic pillars, which we believe will drive growth.
“In line with our strategy to diversify, several new partnerships were launched across adjacencies like grocery, pharmacy and wellness in many of our markets.
Groen added: “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.”
Just Eat has reiterated its 2024 guidance of constant currency GTV growth excluding North America in the range of two per cent to six per cent year-on-year. It expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of approximately €450m (£376m).
Under three share buyback programmes launched over the past 18 months, the business has so far repurchased €340m (£284.4m) worth of shares.