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Benzinga
Benzinga
Business
Anusuya Lahiri

Blue Apron Shares Trade Lower On Q1 Miss

  • Blue Apron Holdings, Inc (NYSE:APRNreported a first-quarter FY22 sales decline of 9% year-on-year, to $117.8 million, missing the consensus of $125.1 million.
  • Orders fell 11.2% Y/Y, while the average order value rose 2.2% to $62.99.
  • The average revenue per customer decreased 3% Y/Y to $321. The number of customers fell by 6.1%.
  • EPS loss of $(1.19) missed the consensus loss of $(0.63).
  • The operating expenses rose 8.6% Y/Y to $156.1 million. The marketing expenses increased 40% year-over-year to $28 million.
  • Adjusted EBITDA loss widened to $(30.7) million from $(6.1) million last year.
  • The company held $56 million in cash and equivalents and used $28.8 million in operating activities.
  • CFO Randy Greben commented, "Total net revenue grew 10% over the fourth quarter of 2021 to $118 million, and we saw continued strength in our key customer engagement metrics including, Average Order Value, Average Revenue per Customer, and Orders per Customer."
  • Outlook: Blue Apron expects to return to positive year-over-year net revenue growth starting in Q2 and for the rest of 2022.
  • The company expects to grow customers sequentially and see positive operating cash in Q2.
  • Blue Apron also expects to achieve Adjusted EBITDA profitability in 2023.
  • Price Action: APRN shares are trading lower by 3.85% at $3.13 on the last check Monday.
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