BERLIN (dpa-AFX) - German meal kit company HelloFresh SE (HLFFF, HFG.F) on Thursday reported that its first-quarter adjusted EBITDA, a key earnings metric, plunged 74.6 percent to 16.8 million euros from last year's 66.1 million euros.
Adjusted EBITDA margin was 0.8 percent, down 2.5 percentage points from 3.3 percent last year.
In the quarter, HelloFresh delivered its highest ever quarterly revenue of 2.07 billion euros, up 2.9 percent from last year's 2.02 billion euros. At constant currency, revenue growth was 3.8 percent, supported by a healthy increase in average order value of 6.5 percent in total on a constant currency basis.
The company said it continues to capitalize on strong demand for its Ready-to-Eat or RTE offering, which delivered revenue growth of 56 percent in constant currency.
Number of orders, meanwhile, dropped 2.6 percent to 31.98 million, and meals delivered fell 2 percent to 272.9 million. Average order value, excl. retail, was 64.6 euros, up 5.5 percent.
Looking ahead for fiscal 2024, HelloFresh continues to expect 2 percent to 8 percent revenue growth in constant currency and 350 million euros to 400 million euros adjusted EBITDA.
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