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Deliveroo Reports 'Strong' Q3, Upgrades Guidance

Food delivery company Deliveroo upgraded its full-year growth forecast on Wednesday after the gross value of its orders in the third quarter increased 58% year-on-year, despite lockdown measures easing in most of its markets.

The British company, which had performed strongly during lockdowns, said it expected its gross transactional value to rise by 60-70% this year, up from its previous forecast of 50-60%.

Founder and chief executive Will Shu said Deliveroo made good progress in the quarter, including launching a new rapid grocery delivery service called Deliveroo Hop.

'Potential Macroeconomic Disruptions'

"While we are mindful of current and potential macroeconomic disruptions and uncertainties, we expect further strong performance in the remainder of the year and we are increasing our full year GTV growth guidance," he said.

The value of Deliveroo's orders in the quarter increased to £1.59 billion (€1.9 billion), with the number of orders increasing 64% to £74.6 million (€88.4 million).

The average size of each order declined by 4% to £21.4, Deliveroo said.

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'Positive Results'

Commenting on the results, Robert Gregory, research director at global retail insights firm Edge by Ascential, said, "These positive results come as Deliveroo looks to further establish its grocery credentials in an increasingly competitive sector. This includes partnerships with leading retailer brands, most recently Boots in August, as well as the launch last month of 'Deliveroo Hop', its own rapid grocery delivery service in partnership with UK supermarket chain Morrisons.

"Unlike its previous grocery partnerships, ‘Deliveroo Hop’ will see orders picked and packed in delivery-only dark stores. This will bring it into even more direct competition with the proliferating number of dark stores being operated by rapid delivery start-ups such as Getir and Gorillas, as well as latest entrants such as Russia's Yango Deli. Deliveroo will be keen to continue its expansion into retail and the benefits in terms of user base growth, order frequency and average order value this can bring."

News by Reuters, additional reporting by ESM. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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