Blue Apron Still Won't Admit It Has a Retention Problem [The Motley Fool]
Blue Apron Holdings, Inc. (APRN)
Last blue apron holdings, inc. earnings: 4/29 06:15 am
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Source: The Motley Fool
It's wasting a lot of money on marketing while it focuses on attracting new customers. Blue Apron ( NYSE:APRN ) reported a surprising decline in customers in the second quarter. After pulling back on marketing spending last year, Blue Apron started ramping up its advertising at the start of 2018, and most investors expected that would result in more customers. After adding 40,000 net new customers in the first quarter, Blue Apron lost 69,000 in the second quarter. On the earnings call, CEO Brad Dickerson said the marketing efforts are doing a great job at attracting people to the Blue Apron brand, but it's having a hard time converting website visitors into paid subscribers. When asked about customer retention -- a metric Blue Apron refuses to provide investors -- Dickerson replied, The challenge for us, we believe, is more on the acquisition side of the business, not on the retention side of the business. He added the retention rate in the second quarter was consist
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