Hopefully this will bring everyone up to speed with how things look at Blue Apron from a customer-based perspective, and what it implies for where we are going from here. I believe this is the backdrop we need to think through the new strategic direction that Blue Apron emphasized this quarter. To do so, I re-ran the model that first broke the story on Blue Apron's customer retention and customer acquisition cost (CAC) issues, updated to include all of the most recent data. Instead, I thought it would be of value to take a step back and re-examine the big picture from a customer-based corporate valuation perspective, and look at the new results within this context. Much has been said about the top-line figures (e.g., revenues are down 28% year-on-year, while customers are down 25%), and the fact that they shed 4% of their workforce to rightsize the business, so I won't comment on them here other than to point interested readers to commentary that other people have written ( PYMNTS, Reuters, WSJ).
Needless to say, I had a perfect excuse to dig deep into their latest results. As chance would have it, today was also the day that I taught my Blue Apron case study to the MBA's in my Marketing Research class here at Emory University. Blue Apron released their Q3 2018 earnings today.
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