German meal kit company HelloFresh SE increased its 2021 revenue guidance after it said that revenue and earnings in its first quarter will beat expectations.
Pandemic-related consumer demand for meal kits is not subsiding, at least not at HelloFresh.
German meal kit company HelloFresh SE increased its 2021 revenue guidance Friday after it said that revenue and earnings in its first quarter will beat expectations. The Berlin-based company said that its first-quarter revenue will be around $1.74 billion, over its previous guidance of $1.39 billion.
"HelloFresh SE has experienced a more favorable than expected customer growth during the first quarter of 2021 and continued high order rates. Based on the strong performance in the first quarter of 2021, the company increases its full-year 2021 revenue growth guidance for the HelloFresh Group on a constant currency basis from previously between 20% and 25% to now between 35% and 45%," the company said in a statement.
HelloFresh will publish its financial statements for the first three months and the first quarter of 2021 as scheduled on May 4, 2021.
Meal kit sales have exploded during the pandemic as restaurants were out of reach for quarantining consumers. New York-based Blue Apron has reported increased sales, while other providers such as San Francisco-based Sunbasket and New York-based Freshly have been expanding their offerings.
HelloFresh is is No. 88 on The PG 100, Progressive Grocer's 2020 list of the top food and consumables retailers in North America.