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Blue Apron Holdings, Inc (NYSE: APRN) is a meal kit delivery company operating exclusively in the US. Launched in 2012, the company operates a DTC platform based on a subscription package of high-quality, pre-portioned ingredients. Further, they possess an E-commerce unit: Blue Apron Market, which sells kitchen equipment, and Blue Apron Wine.
The companyโs product offering includes meat, fish, Beyond Meatโข, Diabetes-Friendly recipes and health-conscious offerings. Their premium products are specialty proteins that drive up average order value. They are the No. 1 recognized brand in the meal kit space and hold a competitive advantage in the quality and sourcing of foods. They are also a leader in sustainable food creation. According to the University of Michigan, the serviceโs carbon footprint is 33% lower than grocery stores.
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Blue Apron had a solid Q2 with key customer metrics reflecting the companyโs growth strategy.
๐น๏ธ Market Cap of 99M
๐น๏ธ Revenue of 481M in FYO, 498M in FY1 and 588M in FY3
๐น๏ธ Revenue growth of 8.5%
๐น๏ธ Price to Sales of 0.2
๐น๏ธ Debt to Capital at 35%
The company employs 2,343 people and is HQed in New York.
The biggest Institutional Investors are: Vanguard at 4.96%, AWM Investment at 4.26%, Penn Capital at 3.90% and Morgan Stanley at 2.95%.
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๐น๏ธ9.9M Video Views of its YouTube video โHow Does Blue Apron Workโ within one week (27.08.2021)
๐น๏ธ New sustainable packaging goals for its meal-kit boxes of 100% recyclable, reusable or compostable, by the end of 2025 (03.08.2021)
๐น๏ธ $21.1 million in net proceeds from the June underwritten public equity offering (16.06.21)
๐น๏ธ Introduced four new products in Q2โ21 including Craft Burger (Prez from 03.08.2021)
๐น๏ธ CEO Linda Kozlowski Purchases 10,700 shares at $7.04 a share (08.03.2021).
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Blue Apron is a company I believe will have continued growth. I have used the service and can attest that they revolutionized the quality of pre-packaged meals. With only 64% of U.S. adults saying they feel comfortable eating out at a restaurant in August, the meal delivery industry is in prime position. Due to the companyโs prestige in the sector, they are able to attract an in-house team of culinary experts that elevates their product. This past year, they have diversified their product offering and raised Average Revenue per Customer Growth by 25% YoY.
The company is partnered with Weight Watchers and the American Diabetes Association and focuses on healthy low-carb recipes. This is important as the target demo for meal kits is health-conscious younger adults who prioritize lean and natural foods. Their marketing strategy is based on targeting its highest-value customers with paid ads, which account for 30% of its business. The business can grow through partnerships such as the one with Jet.com where they sold meal kits to non-subscribers. People will continue cooking at home post-pandemic and CEO Linda Findley is driving net revenue (27% YoY in Q1โ21), subscriber growth (15,000 YoY) and higher engagement with Orders per Customer rising for new and existing customers.
https://www.blueapron.com/
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