Customer Churn Looks Likely, As Management Fails To Justify The Stickiness Of COVID-Related Net Additions
The Blue Apron (APRN) 2Q FY20 results were the best reads posted by the company in many years. Commentary by management on the subsequent conference call was also highly optimistic with the team asserting the event was a pull-forward in trend rather than a one-time fluke. Alongside the boasting came a recurring and poignant disclaimer that a portion of this new business was attributable to temporary changes in consumer behavior. This pessimism was also quite present in the