Blue Apron CEO shakes off meme stock concerns, doubles down on profitability focus
Blue Apron (APRN) CEO Linda Findley isn't focused on distractions.
"We've stayed on the course of product innovation, and driving towards long-term, sustainable growth," Findley told Yahoo Finance Live in an interview this week.
In recent weeks, Blue Apron shares have more than doubled amid a rally in other heavily-shorted companies as investors have re-engaged with the so-called meme trade, most notably seen in Bed Bath & Beyond.
Roughly 20% of Blue Apron's outstanding shares are currently being sold short, according to data from Yahoo Finance.
"As far as we're concerned, it's important that we continue to prove that we can add value to our customers," Findley said.
The company slashed its full-year guidance during its latest earnings report, citing "persistent inflationary pressures." Blue Apron did see a record in average order value last quarter of $67.14, up 7.1% year-over-year primarily driven by price increases.
Findley said the decision to cut its guidance reflects the brand's focus on reaching adjusted EBITDA profitability by 2023, a target the company detailed back in May.
"That is really our primary driver," Findlay said.
Blue Apron's decade in meal kits
Findley underscored just how much the meal kit industry has changed with Blue Apron celebrating its 10 year anniversary on Monday.
"Meal kits have evolved quite a bit," she reflected, noting consumers have a lot more choice with improved products that boast shorter cook times, healthier options, and increased variety.
"Competition has actually been incredibly good for the industry...the opportunity in food is very, very large."
"You're never going to have a single meal kit player this space, just like you're never going to have one restaurant or one grocery store chain," she continued.
The executive explained that the true value in meal kits, in addition to convenience, lies in its direct supply chain, which helps eliminate food waste, in addition to providing higher quality ingredients at better price points.
"The biggest evolution has really been the product has come so far," she stated, adding that the company has not seen any fallout due to hybrid or remote work trends, mostly due to the variety of prepared options available.
As for the future? Findley said one goal is clear.
"We're making sure that we're meeting the needs of the customers, rather than necessarily pushing the customers into a specific direction."
Alexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com
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