Categories AlphaGraphs, Earnings, Retail

Blue Apron Q3 loss narrowed on expense management

Meal-kit company Blue Apron Holdings (APRN) reported a narrower loss in the third quarter helped by expense management and operational efficiencies. Revenue plunged 28% due to a decline in customers. Following this, the stock inched down over 9% in the early trade on Wednesday.

Net loss narrowed to $33.9 million or $0.19 per share from $87.2 million or $0.47 per share in the previous year quarter.

Net revenue dropped 28% year-over-year to $150.6 million in the third quarter. This was primarily due to a decline in customers as the company remains deliberate in its marketing spend while methodically implementing its multi-product, multi-channel strategy.

Blue Apron Q3 2018 Earnings Infographics

Orders for the third quarter dropped 27% to 2.65 million and customers dipped 25% to 646,000. Average order value declined 2.4% to $56.79. Average revenue per customer decreased 4.9% to $233.

The efficiencies gained in food and labor costs as a result of improved planning and process-driven strategies and more favorable pricing with suppliers drove the cost of goods sold, excluding depreciation and amortization, as a percentage of net revenue, lower to 68% from 78.1%.

Blue Apron reports Q2 loss on lower revenues; stock plunges

Marketing expense as a percentage of revenue fell to 15.4% from 16.3% last year as the company remains deliberate in its marketing investments with a focus on its most efficient acquisition channels. Product, technology, general, and administrative costs decreased by 26% year-over-year as the company focused on expense management and optimization of its cost structure.

Subsequent to the third quarter, Blue Apron amended and refinanced its existing revolving credit facility to extend the final maturity date from August 2019 to February 2021, reduce the aggregate lender commitments to $85 million, and lift the applicable interest rate spread currently paid by the company by 200 basis points. In connection with the refinancing, the company repaid $41.4 million of debt.

Shares of Blue Apron ended Tuesday’s regular session down 2.40% at $1.22 on the NYSE. The stock has fallen over 69% in the year so far and over 60% in the past year.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Seagate Technology beats Q1 earnings estimate: Infographic

Seagate Technology (NYSE: ALK) reported first-quarter 2022 financial results before the regular market hours on Friday. The company reported Q1 revenue of $3.12 billion, up 35% year-over-year and higher than

Infographic: Schlumberger (SLB) Q3 2021 Earnings Results

Schlumberger Limited (NYSE: SLB) came up with its third-quarter 2021 results on Friday. Revenue increased to $5.8 billion from $5.2 billion last year. Analysts had expected revenue of $5.09 billion.

Honeywell (HON) Q3 2021 Earnings: Key financials and quarterly highlights

Honeywell International Inc. (NASDAQ: HON) reported third quarter 2021 earnings results today. Sales increased 9% year-over-year to $8.4 billion but missed projections of $8.6 billion. On an organic basis, sales

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top