German meal box delivery company HelloFresh has achieved a new record turnover of over two billion euros in this first quarter, even though the number of meal box buyers has fallen.
Bound to happen
The turnover growth of 5.3 % to 2.02 billion euros – a new quarterly record – makes HelloFresh a satisfied company. However, the number of active customers fell to 8.11 million, 4.8 % less than a year earlier. The meal box provider had expected as much: after the Covid boom and the record year that was 2022, it could only do less in the current inflationary crisis.
Still, compared to the previous quarter, the number of users actually increased by another million. Profits also fell less than feared. Although adjusted profit (AEBITDA) fell by a third to 66.1 million euros, it was still higher than the 47.5 million euros expected by analysts.
HelloFresh’s main focus is now on expanding its offering to increase the value of orders per customer and making the company more profitable. If delivery drivers go to customers’ homes anyway, they have an interest in delivering as much as possible. In the last quarter, the meal box service has already managed to increase the average order value by 8.9 % to 61.2 euros.
