Benzinga | Aug 3, 2021 12:38PM EDT

Blue Apron Q2 Revenue Misses Estimates, Reiterates FY21 Guidance

* Blue Apron Holdings Inc (NYSE:APRN) reported a second-quarter FY21 net revenue decline of 5% year-on-year to $124.01 million, missing the analyst consensus of $124.30 million. The year-ago quarter reflected the most significant demand from the pandemic.

* Orders declined 8.1% Y/Y to 1.98 million, while Customers declined 5.3% Y/Y to 0.38 million. Average Order Value rose 3% Y/Y to $62.72, while Orders per Customer reduced 1.9% Y/Y to 5.3.

* Average Revenue per Customer declined 0.3% at $330, marking a 25% growth over Q2 FY19.

* Adjusted EBITDA loss of $(3.5) million exceeded the company's guidance versus an Adjusted EBITDA of $11.1 million in Q2 FY20.

* Loss per share of $(0.98) missed the analyst consensus for a loss of $(0.89).

* It held $51 million in cash and equivalents as of June 30, 2021. The company generated $1.1 million in operating cash flow during the quarter.

* The Q2 marked another quarter of solid performance for all key customer metrics, particularly when considering the return of seasonality impacts, CEO Linda Findley Kozlowski stated.

* Outlook: Blue Apron continues to expect to generate high single-digit to low double-digit net revenue growth during FY21.

* It continues to anticipate generating positive annual adjusted EBITDA beginning with the full year 2022.

* Price action: APRN shares traded lower by 1.14% at $4.35 on the last check Tuesday.