Blue Apron Registers Flat Topline Growth In Q4; Updates On Cost Cuts, Debt

Blue Apron Holdings, Inc APRN reported a flattish fourth-quarter FY22 sales growth year-on-year to $106.81 million, beating the consensus of $100.13 million.
Orders fell 13% Y/Y, while the average order value rose 14.7% to $73.15.
The average revenue per customer grew 12.4% Y/Y to $358. The number of customers fell by 11.3%.
EPS loss of $(0.49) beat the consensus loss of $(0.83).
Adjusted EBITDA loss improved to $(13.5) million from $(17.9) million last year.
The company held $33.5 million in cash and equivalents and used $(25.4) million in free cash flow.
CEO Linda Findley commented, "2022 was a challenging year for our business. Our team was tasked with managing through macroeconomic headwinds, continued inflation, funding delays and higher marketing costs as we simultaneously looked for the best pathways to preserve capital. At times, we were not as nimble as we needed to be, but 2022 is not indicative of what we are seeing so far in 2023. We adjusted late last year by adding new talent to our leadership and dramatically reducing costs. These actions are already resulting in a positive impact in 2023."
"As of the end of February, in comparison to last quarter, we cut our Cost Per Acquisition by about half and are seeing conversion improvements of more than 25%. In parallel, looking at the same time period, planned expense reductions announced in the fourth quarter of 2022 have already reduced our cash burn by more than 50% year-over-year."
"We also amended our debt agreement to fully pay down our debt on an accelerated schedule."
Outlook: Due to the uncertainty of the anticipated funds from Joseph N. Sanberg's affiliates, Blue Apron did not provide any forward-looking guidance.
Price Action: APRN shares traded higher by 5.95% at $0.80 in the premarket on the last check Thursday.
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Blue Apron Registers Flat Topline Growth In Q4; Updates On Cost Cuts, Debt