Blue Apron Nosedives After Q4 Miss; Expects Positive Revenue Growth Starting In Q2

Blue Apron Holdings Inc APRN reported a fourth-quarter FY21 sales decline of 7.3% year-on-year, to $107.01 million, missing the analyst consensus of $110 million.
Net revenue increased 13% from the pre-pandemic fourth quarter of 2019.
Orders fell 10.7% Y/Y, while the average order per value rose 3.8% to $63.78.
The average revenue per customer decreased to $319 from $327 last year. The number of customers in Q4 fell 4.8%.
EPS loss of $(0.93) missed the analyst consensus of $(0.67).
The operating expenses rose 6% Y/Y to $132.4 million.
Adjusted EBITDA loss widened to $(17.9) million from $(1.7) million last year.
The company held $82.2 million in cash and equivalents as of December 31, 2021. Cash used in operating activities totaled $21.6 million for Q4.
Outlook: Blue Apron expects top-line revenue growth to be in at least the mid-teens percentage range Y/Y and more than 20% higher than the pre-pandemic full year 2019.
The company expects to return to positive Y/Y revenue growth starting in Q2 and for the rest of 2022.
Price Action: APRN shares are trading lower by 24.9% at $6.32 on the last check Thursday.