Today we dive into the fourth quarter and full year 2022 financial results of Blue Apron, exploring the company’s performance amidst market challenges such as inflation, rising production costs, and more. In its latest release, the provider announced net revenue of nearly $107 million for the quarter.
“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,” Linda Findley, Blue Apron’s President and Chief Executive Officer, commented. “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.”
Giving us a closer look at its fourth quarter 2022, Blue Apron revealed the following key highlights:
“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 percent,” Findley continued. “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 percent year-over-year. We also amended our debt agreement to fully pay down our debt on an accelerated schedule. This reduces our liquidity covenant and we believe it can give us more flexibility as we continue to evaluate and potentially execute other financing opportunities, a business combination, or other strategic transactions.”
For the total year, the meal-kit supplier reported net revenue of $458.5 million. To read more of the report, click here.
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