According to a press release by Blue Apron Holdings on July 29th, the company generated a profit for the second quarter of fiscal 2020 ending June 30th, the first quarterly profit since the IPO in 2017. For the period, the company posted net earnings of $1.1 million on revenue of $131 million with an EPS of $0.08.  Comparative figures for the second quarter of fiscal 2019 were a net loss of $7.7 million on revenue of $119 million with an ESP of $(0.59).

The increased revenue was attributed to more orders occasioned by COVID-19 restrictions on restaurants leading to more home cooking.  Comparing second quarter of 2020 with 2019, orders increased from 2.05 million to 2.15 million although active customers declined from 449,000 to 396,000.  Revenue per customer increased to $331 from $265 in 2019.

Blue Apron did not reduce expenditure on food and packaging with the cost of goods sold declining slightly from a high value of 59.9 percent of sales value in Q2 of 2019 to 59.4 percent in Q2 of 2020.

Blue Apron has a market capitalization of $163.8 million.  Over the past 52 weeks share price has ranged from $2.01 to $28.84 with a 50-week moving average of $11.75.

Blue Apron carries long-term debt of $53.8 million with an asset value of $215.5 million.  Twelve month trailing profit margin is -18.3 percent and operating margin -14.5 percent.  Return on assets is -13.4 percent with a return on equity of -90.4 percent. Of the equity, 43.5 percent is held by institutions and 18.6 percent of the float is short.

Blue Apron provided guidance including revenue growth of 13 percent in the third quarter but with a loss of $18 million. Following release of the Q2 result APRN fell 13.1 percent to close at $12.24 on July 29th.