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HelloFresh Reports Stronger-Than-Anticipated 2nd Quarter

German meal kit company cites expansion of offerings, new markets as factors in Q2 growth
Lynn Petrak, Progressive Grocer
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In its Q2 earnings report, HelloFresh reported a 61% increase in revenue in the U.S. market.

As it greets the third quarter of its fiscal year, HelloFresh SE reports “meaningful growth” during its Q2 period. According to information released by the German meal kit provider, global HelloFresh orders jumped to 30.98 million in the second quarter ending June 30, a 71.2% rise over the same quarter in 2020. 

From a revenue perspective, HelloFresh reported that overall revenue for the period beat consensus projections, rising to a quarterly high of 1.56 billion euros. In the United States, revenue climbed 61% to reach 993.9 million in U.S. dollars during the second quarter.

The better-than-expected results in Q2 were attributed to a variety of factors. “During Q2 2021 we have made further strong progress in ramping up our production capacity and infrastructure globally, while launching Norway as a new market, bringing Green Chef as an additional brand to the U.K. market and extending our HelloFresh Markets offering of high quality curated add-ons to the U.S.,” said Dominik Richter, co-founder and CEO. “We are laying the foundations for reaching our mid-term revenue target of €10 billion revenue and charging towards becoming the leading global food solutions group.”

Amid this climate of growth, HelloFresh updated its full year 2021 outlook for revenue on a constant currency basis to 45 to 55% from the previous estimate of 35 to 45%. The company also announced an adjusted EBITDA margin between 8.25 and 10.25%.

Accordingly, the company is ramping up its production capacity. Following the Q2 opening of two new fulfillment centers in Irving, Texas, and Abbotsford, Canada, HelloFresh plans to open three additional fulfillment centers in the United States, Australia and Germany later in 2021 and in 2022. The meal kit provider also noted in its earnings report that it is also investing in its technology infrastructure.

Based in Berlin, with U.S. offices in New York, HelloFresh SE is the world’s leading meal kit company and operates in the United States, the United Kingdom, Germany, The Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada, New Zealand, Sweden, France and Denmark. The company is No. 75 on The PG 100, Progressive Grocer's 2021 list of the top retailers of food and consumables in North America.

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