Blue Apron Stock Falls on Q3 Miss, Gloomy Outlook

By Benzinga
Benzinga
Benzinga
November 10, 2021 Updated: November 10, 2021

Blue Apron Holdings Inc (APRN) reported a third-quarter FY21 net revenue decline of 2 percent year-on-year to $109.65 million, missing the consensus of $120.40 million.

Average Order Value rose 6 percent Y/Y to $62.30. Orders per Customer, and Average Revenue per Customer all showed strong growth compared to the pre-pandemic Q3 of 2019, despite modest declines in those metrics from a year ago as seasonality returned.

Adjusted EBITDA loss was $(11.7) million. Loss per share of $(1.17) missed the consensus loss of $(0.58).

It held $35.3 million in cash and equivalents and used $16.5 million in operating cash flow.

Outlook

Blue Apron lowered FY21 outlook to single-digit revenue growth (prior view high single-digit to low double-digit growth).

Blue Apron sees net revenue growth for FY22 of at least in the mid-teens percentage range. It does not expect to achieve adjusted EBITDA profitability in 2022.

Price Action

APRN shares traded lower by 5.44 percent at $8.91 in premarket on the last check Tuesday.

By Anusuya Lahiri

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