Categories Earnings, Retail

Blue Apron’s Q3 results miss expectations

Blue Apron Holdings Inc. (NYSE: APRN) missed revenue and earnings estimates for the third quarter of 2019. The consensus estimate was for a loss of $1.98 per share on revenue of $106.8 million. The stock was down 0.56% in premarket hours on Thursday.  

Total revenues fell 34% to $99.5 million compared to the same period last year, reflecting a reduction in marketing spend while focusing on marketing efficiency and targeting high affinity customers.

Blue Apron misses Q3 2019 revenue and earnings estimates

Net loss was $26.2 million, or $1.99 per share, compared to $33.9 million, or $2.64 per share, last year.

CEO Linda Findley Kozlowski said, “We’re pleased to see the continued strengthening of our customer base with year-over-year improvements in certain key customer metrics in the third quarter. We continue to believe that the potential for Blue Apron remains significant and that with the execution of our strategy, we will achieve our 2020 growth targets.”

During the quarter, orders dropped 34% while the number of customers decreased 40%. However, the average order value improved to $57.60 from $56.79 last year. Average revenue per customer also improved to $258 from $233 in the year-ago period.  

Also read: Blue Apron Q3 2019 Earnings Preview

Adjusted EBITDA improved $5.6 million year-over-year to a loss of $13.2 million in the third quarter, versus a loss of $18.8 million in the prior-year period, reflecting the company’s continued focus on expense management and operational efficiencies.

Marketing expense, as a percentage of net revenue, was 12.2%, compared to 15.4% in the prior-year period. This decrease was due to the company’s strategy to focus on the most efficient marketing channels and customers with high affinity.

Capital expenditures totaled $1.1 million for the quarter. Cash and cash equivalents was $85.9 million as of September 30, 2019.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Earnings calendar for the week of March 8

On the heels of lawmakers moving closer to passing the stimulus bill, inflations concerns gripped the market after Federal Reserve chief Jerome Powell at a meeting said the reopening would

Why Costco’s (COST) growth prospects might depend on beating costs, digital lag

Though the retail boom triggered by the pandemic was estimated to be short-lived initially, the shopping spree continued as customers stocked up on essential items, concerned about the persistent market

Gap (GPS) hopes to see a favorable recovery by the second half of 2021

Shares of Gap Inc. (NYSE: GPS) were up 5.8% in afternoon hours on Friday. The stock has gained 103% over the past 12 months. Gap reported mixed results for the

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