Delivery Hero sees annual GMV growth at upper end of forecast after solid Q3

(Reuters) -Delivery Hero said on Thursday it expects annual gross merchandise value (GMV) growth at the upper end of its forecast range, after the German online takeaway food company reported solid growth for the third quarter.

The group now expects its full-year growth in GMV, a common metric for delivery firms measuring the total value of all goods sold, to land at the upper end of its 7%-9% forecast, after a 9% year-on-year rise in the third quarter.

Delivery Hero reported GMV of 12.2 billion euros ($13.12 billion) for the quarter, in line with analysts’ expectations in a company-provided consensus. Outside Asia, its main market, GMV rose 25%.

In Asia, where it grew its presence with the acquisition South Korea’s largest online food delivery platform Woowa in 2021, it posted a 6.6% fall in GMV.

The company, however, said it expects adjusted core earnings to come at the lower end of its 725 million euros-775 million euros guidance.

($1 = 0.9302 euros)