Blue Apron Holdings Inc. shares APRN, +6.67% slid 4.9% in premarket trade Monday, after the meal kit maker posted a wider-than-expected loss for the first quarter and revenue that fell short of consensus. The company had a loss of $38.4 million, or $1.19 a share, for the quarter, after a loss of $15.7 million, or 88 cents a share, in the year-earlier period. Revenue fell to $117.8 million from $129.7 million a year ago. The FactSet consensus was for a loss of 69 cents a share and revenue of $125.0 million. The company said marketing costs rose 40% to $28 million as it worked to improve brand awareness and reach. Cost of goods sold, excluding depreciation and amortization, as a percentage of net revenue rose 460 basis points from a year ago. The company is now expecting full-year revenue growth in the mid-teens percentage range, and expects to return to positive revenue growth in the second quarter and for the rest of the year. The company will host its first investor day on Tuesday at its fulfillment center in Linden, New Jersey. Shares have fallen 52% in the year to date, while the S&P 500 SPX, +2.39% has fallen 13%.
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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.