Blue Apron reports Q4 EPS (49c), consensus (83c)

Reports Q4 revenue $107M, consensus $100.13M. Linda Findley, CEO, commented, "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. 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. 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%. 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% 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."