Published on 9 Aug 2023 on Market Watch

Blue Apron’s loss widens and revenue falls below expectations, but revenue per customer increased

Blue Apron Holdings Inc. reported Wednesday second-quarter net losses that widened and revenue that fell below expectations as total orders and customer fell but average revenue per customer increased. The meal-kit company’s stock was still inactive in the premarket. The net loss for the quarter to June 30 widened to $61.9 million, or $9.52 a share, from $23.3 million, or $8.22 a share, while the number of shares used in per-share calculations jumped 129% to 6.5 million. There weren’t enough estimates from analysts for FactSet to have a per-share estimate. Revenue fell 14.5% to $106.2 million, to miss the FactSet consensus of $109.6 million. Orders dropped 17.5% to 1.40 million and customers declined 23.5% to 267,000, while orders per customer rose to 5.3 from 4.9 and average revenue per customer grew 21% to $397. For 2023, the company expects revenue of $410 million to $415 million, compared with the FactSet consensus of $414.7 million. The company expects to take a $1.7 million charge, about a quarter of which was incurred during the second quarter, due to the previously announced job cuts in which the workforce was reduced by 20%. The stock has tumbled 43.2% year to date while the S&P 500 has gained 17.2%.