Blue Apron Shares Trade Lower On Q1 Miss

Blue Apron Holdings, Inc APRN reported a first-quarter FY22 sales decline of 9% year-on-year, to $117.8 million, missing the consensus of $125.1 million.
Orders fell 11.2% Y/Y, while the average order value rose 2.2% to $62.99.
The average revenue per customer decreased 3% Y/Y to $321. The number of customers fell by 6.1%.
EPS loss of $(1.19) missed the consensus loss of $(0.63).
The operating expenses rose 8.6% Y/Y to $156.1 million. The marketing expenses increased 40% year-over-year to $28 million.
Adjusted EBITDA loss widened to $(30.7) million from $(6.1) million last year.
The company held $56 million in cash and equivalents and used $28.8 million in operating activities.
CFO Randy Greben commented, "Total net revenue grew 10% over the fourth quarter of 2021 to $118 million, and we saw continued strength in our key customer engagement metrics including, Average Order Value, Average Revenue per Customer, and Orders per Customer."
Outlook: Blue Apron expects to return to positive year-over-year net revenue growth starting in Q2 and for the rest of 2022.
The company expects to grow customers sequentially and see positive operating cash in Q2.
Blue Apron also expects to achieve Adjusted EBITDA profitability in 2023.
Price Action: APRN shares are trading lower by 3.85% at $3.13 on the last check Monday.