Blue Apron Q2 Revenue Misses Estimates, Reiterates FY21 Guidance

Blue Apron Holdings Inc APRN reported a second-quarter FY21 net revenue decline of 5% year-on-year to $124.01 million, missing the analyst consensus of $124.30 million. The year-ago quarter reflected the most significant demand from the pandemic.
Orders declined 8.1% Y/Y to 1.98 million, while Customers declined 5.3% Y/Y to 0.38 million. Average Order Value rose 3% Y/Y to $62.72, while Orders per Customer reduced 1.9% Y/Y to 5.3.
Average Revenue per Customer declined 0.3% at $330, marking a 25% growth over Q2 FY19.
Adjusted EBITDA loss of $(3.5) million exceeded the company's guidance versus an Adjusted EBITDA of $11.1 million in Q2 FY20.
Loss per share of $(0.98) missed the analyst consensus for a loss of $(0.89).
It held $51 million in cash and equivalents as of June 30, 2021. The company generated $1.1 million in operating cash flow during the quarter.
The Q2 marked another quarter of solid performance for all key customer metrics, particularly when considering the return of seasonality impacts, CEO Linda Findley Kozlowski stated.
Outlook: Blue Apron continues to expect to generate high single-digit to low double-digit net revenue growth during FY21.
It continues to anticipate generating positive annual adjusted EBITDA beginning with the full year 2022.
Price action: APRN shares traded lower by 1.14% at $4.35 on the last check Tuesday.