HelloFresh SE (HLFFF, HFG.F), a German meal-kit company, reported that its third-quarter adjusted EBITDA declined 30.4% to 79.8 million euros from last year’s 114.7 million euros, reflecting primarily the near term impact on contribution margin of a continued rapid expansion of fulfilment capacity, a more normal seasonality, certain inflation in wages and logistic costs and a normalization in marketing expenses.
Active customers were 6.94 million, an increase of 38.8% from last year.
Quarterly revenue rose 45.9% to 1.42 billion euros from 970.2 million euros last year. Revenue growth was 44.9%, on a constant currency basis, in the latest-quarter, following the anticipated return of morenormal summer seasonality compared to the prior year. The strong revenue growth was mainly driven by a significant increase in active customers,strong customer engagement illustrated by high order rates and an increase in average order values.
The company said it remains focused on reaching its mid-term revenue target of 10 billion euros.
The company raised its full year 2021 revenue growth outlook, on a constant currency basis, to between 57% and 62% from the prior outlook of 45% to 55% growth. Based on current exchange rates, this would translate into a Euro-reported revenue growth of about two to three percentage points lower than the revenue growth on a constant currency basis.
The company noted that the increased growth outlook includes an about 0.4% growth contribution from the acquisition of Youfoodz, which closed on 27 October 2021 and will be consolidated for the months November and December 2021 in HelloFresh Group’s revenue.
The company still expects a full year 2021 adjusted EBITDA margin to be between 8.25% and 10.25%.
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