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Blue Apron Holdings, Inc. reports fourth quarter and full-year 2018 results

Blue Apron Holdings, Inc. has announced financial results for the quarter and full year ended December 31, 2018. Blue Apron also announced today the transfer of production volume from its Arlington facility to its Linden facility with additional information available in the company’s Current Report on Form 8-K. Blue Apron will hold its scheduled earnings call and webcast tomorrow, January 31, at 8:30 a.m. Eastern Time to discuss its fourth quarter and full year 2018 results and business outlook.

Key Highlights:

  • Net loss for the fourth quarter of 2018 improved 39%, or $15.4 million, year-over-year from $39.1 million to $23.7 million; adjusted EBITDA improved 60%, or $11.9 million, year-over-year from a loss of $19.7 million to a loss of$7.8 million, driven by expense management and operational efficiencies.
  • In the fourth quarter of 2018 COGS improved 930 basis points year-over-year to 60.8% as a percentage of net revenue, resulting from operational efficiencies created through enhanced fulfillment center processes.
  • Subsequent to the fourth quarter, Blue Apron is:
    • Transferring substantial production volume from its Arlington, Texas facility to its Linden, New Jersey facility, driven by strong efficiency gains in Linden .
    • Seeing favorable consumer response and interest to date from its WW partnership, launched in late December.
    • Introducing a new product innovation designed for online and brick-and-mortar retail, with its first partner to be announced imminently.

“As we sharpen our focus on attracting and engaging consumers who represent high value to the business, we are seeing early, encouraging trends in our customer metrics, most notably average revenue per customer, which increased year-over-year,” said Brad Dickerson, Chief Executive Officer, Blue Apron. “We are also pleased with our stronger-than-expected bottom-line results as our business becomes increasingly efficient. Following an assessment of our operational structure in light of this progress, we identified an opportunity to further optimize our processes by transferring a substantial portion of our production volume from our Arlington, Texas facility to our largest and most efficient facility in Linden , New Jersey.”

Dickerson continued, “We are entering 2019 with confidence in our strategic direction. We believe our newest product innovations and new strategic partnerships with WW and Jet have great potential as we enter the year with a deliberate focus on expanding our offerings to strategically and thoughtfully serve a strong base of loyal customers and attract new, high affinity consumers, as well as continuing to prioritize operational optimization and expense management. We believe our commitment to achieving profitability on an adjusted EBITDA basis in the first quarter and for full year 2019 will provide a strong foundation for future growth.”

To view full financial release, click here.