Blue Apron Tumbles After Sales Slip Despite Lockdown Boost

(Bloomberg) -- Investors don’t seem too pleased with results from Blue Apron Holdings Inc.

The shares dropped as much as 33% on Wednesday, their biggest slump in a month, after the spreading pandemic built up anticipation for Blue Apron’s meal-kit business. The stock had risen 450% from its March lows before Wednesday.

The quarterly loss widened to $20.1 million compared to $5.3 million a year earlier. And if you check out key customer metrics, while orders are up from Dec. 31, they’re still solidly below the levels seen in the period ended March 31, 2019.

Analysts were also expecting a greater increase in revenue per customer, while quarterly sales fell from last year. Total sales slipped to $101.9 million from $141.9 million a year earlier, although the average revenue per customer rose to $271 from $258. Still, Canaccord analysts had expected about triple the growth in revenue per customer compared to the 5% boost Blue Apron reported.

Read More: Blue Apron Sinks 20% After Results Missed Expectations

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