Revenues fell 25% year-on-year to $179.6 million, hurt by lower demand. While the number of customers decreased by 24%, average revenue per customer edged down to $250 from $251 in the second quarter of 2017. There was a 22% decline in general & administrative expenses, while the other expenses remained broadly unchanged year-over-year.
As part of the ongoing business transition, the company launched its multi-product, multi-channel strategy during the quarter to cater to different customer tastes. As part of the initiative, Tim Bensley was appointed as the Chief Financial Officer recently, and Alan Blake as Chief Supply Chain Officer.
While the number of customers decreased by 24%, average revenue per customer edged down to $250
“With fulfillment center operations strengthening, we are increasing focus on the priorities we expect will propel revenue performance and return the business to a growth trajectory, including evolving and expanding our product portfolio, enhancing our overall customer experience, and launching our retail and on-demand offerings,” said CEO Brad Dickerson.
Blue Apron shares, which fell 58% over the past twelve months, closed the last trading session higher, recovering modestly from the sharp loss suffered since mid-July. The stock lost more than 8% in the pre-market trading Thursday following the earnings release.