![]() ![]() It had previously forecast a net loss between $121 million and $128 million.īlue Apron maintained its net revenue expectation to be in the range of $380 million to $400 million for the second half of the year.īlue Apron's shares have fallen 53 percent since its highly anticipated IPO in June. "We are now focused on optimizing our operations so that we can drive progress on our product roadmap in order to further our mission to make incredible home cooking accessible to everyone."įor the second half of the year, Blue Apron expects a net loss of $131 million to $138 million thanks to recent layoffs and a recently completed review of its facilities, the company said in the press release. "We're pleased to share that all Blue Apron customers now have access to our expanded product offering and that the transition of volume to our new Linden, New Jersey fulfillment center is complete," said Blue Apron CEO Matt Salzberg said in a statement. The company posted a loss of $87.2 million during the third quarter, or a loss of 47 cents per share. The company expects the move to save it $23.5 million annually in the beginning of next year. Last month, Blue Apron laid off 6% of its workforce, or 300 people. ![]() Product, technology, general and administrative costs increased 44% to $65.7 million year-over-year because of increased personnel costs and increased facility costs. The company attributed the increase to launching a new distribution facility in Linden, New Jersey, expanding its product offerings and adding more premium ingredients. Blue Apron's cost of goods sold increased 13% to $164.4 million year-over-year. More: Blue Apron disappoints in its first-ever earnings report More: Blue Apron puts hiring freeze in place, cuts recruiting staff More: Blue Apron layoffs hit the office hardest, warehouse workers mostly spared, sources say It plans to shrink its marketing expenses in the fourth quarter. In the third quarter, marketing cost $32.4 million, or 16.3% of its revenue, down from $49.6 million, or 24.2% of its revenue in the year-ago quarter. That's up 3% from the year-ago quarter, but down from the $238.1 million posted last quarter.īlue Apron has decreased its marketing expenses to rein in costs. The meal kit company posted revenue of $210.6 million, beating analysts' expectations of $191.5 million. ![]()
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