Just Eat Takeaway Orders Drop as Customers Cut Back on Deliveries [BNN Bloomberg (Canada)]
J SAINSBURY PLC S/ADR (JSAIY)
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Source: BNN Bloomberg
Total orders fell 6% to €214.2 million ($228 million) in the period, the Amsterdam-headquartered company said in a statement on Wednesday. That compared to an average estimate of €217.84 million according to analysts surveyed by Bloomberg. Food delivery companies experienced a boom during the pandemic as customers were locked down at home. They have since been struggling to reinvigorate order growth and improve profitability. Just Eat has been expanding its delivery offerings through partnerships with brands such as Lush Cosmetics Ltd and grocery chains such as J Sainsbury Plc and Asda. The firm on Wednesday said it is still exploring the partial or full sale of its US unit Grubhub, which it acquired for $7.3 billion in 2021. Chief Executive Officer Jitse Groen had previously attributed delays in the divestment process to meal delivery companies' market capitalization being under pressure. A cap instituted by New York City on how much food-delivery companies can charge restaurant
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