Is This the Turnaround Blue Apron Has Been Waiting For?
Blue Apron Holdings Inc. (NYSE: APRN) released its second-quarter financial results before the markets opened on Tuesday. The firm said that it had a net loss of $0.59 per share and $119.2 million in revenue, while consensus estimates had called for a net loss of $1.08 per share but $138.09 million in revenue. In the same period of last year, Blue Apron said its net loss was $2.55 per share on $179.56 million in revenue.
During the most recent quarter, orders decreased 34% year over year to 2.05 million and customers decreased 37% to 449,000.
The average order value actually increased 1.4% year over year to $58.16, from $57.34, and orders per customer increased slightly to 4.6 from 4.4. Average revenue per customer increased to $265 from $250.
The company did not offer any guidance in the report. However, consensus estimates call for a net loss of $1.40 per share and $131.54 million in revenue for the third quarter. The same period of last year had a net loss of $2.70 per share and $150.62 million in revenue.
Linda Findley Kozlowski, Blue Apron CEO, commented:
Blue Apron’s next phase will be defined by focusing on our customers and our core business in order to return the business to growth in 2020. We’ve clearly and thoroughly demonstrated results in operational optimization and fiscal discipline throughout the organization. Now, we need to prove we can grow our customer base and revenue through both better execution and new initiatives that enable our core business to reach its full potential. Our market opportunity is large and we believe that it is growing, leading to significant unrealized opportunity within our core business once we execute our strategy.
Shares of Blue Apron traded up 4% Tuesday morning to $8.15, in a 52-week range of $6.10 to $35.40. The consensus price target is $13.90.