Acquisition Target Blue Apron Surpasses Sales Expectations In Q3 Despite Customer Downturn

Benzinga2023-11-10

Blue Apron Holdings, Inc (NASDAQ:APRN) reported a third-quarter FY23 sales decline of 9.9% year-on-year to $98.8 million, beating the consensus of $97.6 million.

EPS loss of $(1.34), up from $(8.93) Y/Y, beat the consensus loss of $(1.99).

Orders fell 20.2% Y/Y, while the average order value rose 12.5% to $79.66.

The average revenue per customer grew 21.5% Y/Y to $413. The number of customers fell by 26.3%.

Adjusted EBITDA loss improved to $(4.08) million from $(18.13) million last year.

The company held $27.2 million in cash and equivalents and used $(2.76) million in free cash flow.

In September, the meal kit company agreed to be acquired by Marc Lore-founded food-delivery firm Wonder Group at a 137% premium, representing an equity value of approximately $103 million.

The stock has gained 131.4% in the last six months and 42.3% YTD.

APRN Price Action: Blue Apron shares traded higher by 0.12% at $12.99 on the last check Thursday.

Read Next: Wall Street To Snap Longest Winning Streak Since 2021 Today? Earnings, Bond Yields In Focus Ahead Of Powell's Speech

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