=Blue Apron (APRN) reported earnings on Thur 10 Aug 2017 (b/o)

Blue Apron misses by $0.15, reports revs in-line; orders up 19% Y/Y

• Reports Q2 (Jun) GAAP loss of $0.47 per share, $0.15 worse than the Capital IQ Consensus of ($0.32); revenues rose 17.9% year/year to $238.1 mln vs the $235.78 mln Capital IQ Consensus, driven by an increase in orders and customers. The year-over-year growth rate in the second quarter of 2017 was lower than the year-over-year growth rate of 42% from the first quarter of 2017, driven by a planned reduction in marketing spend of $26.1 million between the first and second quarter.
• Orders +19% Y/Y and -5.6% Q/Q.
• Customers increased 23% year-over-year and declined 9% quarter-over-quarter reflecting a planned reduction in marketing of $26.1 million between the first and second quarter.
• Average Revenue per Customer was $251 in the second quarter of 2017 compared to $264 in the second quarter of 2016, and an improvement relative to $236 in the first quarter of 2017.
• Cost of Goods Sold, excluding depreciation and amortization (COGS), increased 28% year-over-year to $163.5 million in the second quarter of 2017, and increased 560 basis points as a percentage of net revenue, driven by increased costs associated with the ongoing launch of new infrastructure to support Blue Apron's product expansion initiatives, including the launch of its new Linden, New Jersey facility.
• "We are beginning a new chapter as a public company, and remain focused on our long-term strategy to build an iconic consumer brand, develop a more diverse product portfolio, and further build out an end-to-end supply chain platform."