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Blue Apron Holdings, Inc. (APRN) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Blue Apron Holdings, Inc.

CIK: 1701114 Ticker: APRN

 

Exhibit 99.1

 

 

Blue Apron Holdings, Inc. Reports Second Quarter 2018 Results

 

Key Highlights:

·

Operational efficiencies created through enhanced fulfillment center processes resulted in 400 basis points COGS improvement year-over-year. 

·

Net loss increased $1.2 million or 4% year-over-year; adjusted EBITDA improved $6.4 million or 27% year-over-year driven by strong focus on expense management and operational efficiencies.

·

Launched multi-product, multi-channel strategy to serve a variety of consumer behaviors.

·

Strengthened executive team with appointments of Chief Financial Officer and Chief Supply Chain Officer.

 

New York, NY – August 2, 2018 – Blue Apron Holdings, Inc. (NYSE: APRN) announced today financial results for the quarter ended June 30, 2018.

 

“As we previously articulated, 2018 is a year of transition and building for the future,” said Brad Dickerson, Chief Executive Officer, Blue Apron Holdings, Inc. “With fulfillment center operations strengthening, we are increasing focus on the priorities we expect will propel revenue performance and return the business to a growth trajectory, including evolving and expanding our product portfolio, enhancing our overall customer experience, and launching our retail and on-demand offerings.”

 

“We are pleased with our bottom-line performance as we gain additional operational efficiencies and exert financial discipline across the business,” Dickerson continued. “We have an exceptional team in place, which has been further solidified by the recent hires of Tim Bensley as Chief Financial Officer and Alan Blake as Chief Supply Chain Officer, and we are confident that the approach we are taking will build a strong and sustainable business.”

 

Second Quarter 2018 Financial Results

·

Net revenue decreased 25% year-over-year to $179.6 million in the second quarter of 2018, compared to the second quarter of 2017, driven primarily by a decrease in Customers. Revenue performance was impacted by the Company’s decision late last year to deliberately prioritize operational stability to build the foundation for future growth. The Company is currently in a transition period as it continues to implement its multi-product, multi-channel strategy. Net revenue decreased 9% quarter-over-quarter primarily reflecting seasonal trends in the business.

·

Cost of goods sold, excluding depreciation and amortization (COGS), as a percentage of net revenue, improved 400 basis points year-over-year from 68.7% to 64.7% and improved 110 basis points from the first quarter of 2018. This progress was primarily driven by efficiencies gained in food costs as a result of improved planning and process-driven strategies in fulfillment center operations.

·

Marketing expense was $34.6 million, or 19.3% as a percentage of net revenue, in the second quarter of 2018, compared to $34.5 million, or 14.5% as a percentage of net revenue, in the second quarter of 2017, with an emphasis on online advertising and brand activation investments.

·

Product, technology, general, and administrative (PTG&A) costs decreased 22% year-over-year from $65.7 million in the second quarter of 2017 to $51.1 million in the second quarter of 2018 as the Company focused on expense management and optimization of cost structure.

·

Net loss was $(32.8) million and diluted loss per share was $(0.17) in the second quarter of 2018 based on 192.0 million weighted average common shares outstanding, compared to net loss of $(31.6) million and diluted loss per share of $(0.47) in the second quarter of 2017 based on 67.4 million weighted average

1

 


The following information was filed by Blue Apron Holdings, Inc. (APRN) on Thursday, August 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity (Deficit)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Revolving Credit Facility (Details)
Debt - Summary Table (Details)
Deferred Revenue
Deferred Revenue (Details)
Deferred Revenue (Tables)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Common Shares (Details)
Earnings Per Share - Dilutive Common Shares (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Organization And Description Of Business
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Restructuring Costs
Restructuring Costs (Details)
Restructuring Costs (Tables)
Share-Based Compensation
Share-Based Compensation (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Ticker: APRN
CIK: 1701114
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-006254
Submitted to the SEC: Thu Aug 02 2018 5:04:56 PM EST
Accepted by the SEC: Thu Aug 02 2018
Period: Saturday, June 30, 2018
Industry: Retail Catalog And Mail Order Houses

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