HelloFresh Posts Another Revenue Record
For the first quarter of 2022, meal kit company HelloFresh reported another record quarter in terms of revenue, reaching an all-time quarterly high of more than 1.9 billion euros (USD $2 billion), an increase of 26.4% on a constant-currency basis. The company added 1.24 million active customers for a total 8.52 million, a 17.0% increase from the first quarter of 2021. In addition, the company recorded continued strong customer engagement, with a slight rise in average orders per customers and a year-on-year increase in average order value to 55 euros (USD $58).
The company’s two operating segments delivered strong positive adjusted EBITDA margins for Q1 2022, the international segment with 5.5% of revenue, and the U.S. segment with 7.5% of revenue.
In the United States specifically, HelloFresh reported 4.25 million active customers in Q1 2022, with 135.9 meals delivered, reflecting year-over-year increases of 15.2% and 19.3%, respectively. U.S. revenue was up 27.6% on a constant-currency basis.
“Our unique diversification across geographies, brands and business models has allowed us to navigate an incredibly volatile macroeconomic environment and continue our strong and profitable growth path into 2022,” said HelloFresh Co-Founder and CEO Dominik Richter. “I am beyond proud of our teams for relentlessly pushing the boundaries in delivering and always improving customer experience, while mitigating the macroeconomic challenges we see along our supply chains to a great degree. After tripling the business over the last two years, we are well on track to successfully ramp up our new verticals, scale our new geographies and continue the investments into our fulfillment network to secure our long-term success as a highly profitable integrated food solutions group.”
HelloFresh reconfirmed its guidance for fiscal 2022, expecting revenue growth for the HelloFresh Group on a constant-currency basis between 20% and 26%. The company expects an adjusted EBITDA for the HelloFresh Group for full-year 2022 between 500 million euros (USD $525 million) and 580 million euros (USD $609 million).
In the area of sustainability, HelloFresh recently published lifecycle assessment results showing that its meals have significantly lower carbon emissions than cooking meals from supermarkets. The in-depth life cycle assessment analyzed the environmental footprint across the whole value chain from field to fork in seven HelloFresh markets (Germany, Austria, Australia, the United States, Belgium, the Netherlands and Luxembourg) covering different meal categories, among them vegetarian, beef and chicken dinners. The analysis considered the entire supply chain, including food production and delivery. The study’s results showed that an average meal from HelloFresh has 25% lower CO2e emissions on average, compared with the exact same meal prepared with ingredients purchased from a supermarket.
In 2021, HelloFresh maintained strong profitability even as it invested in expanding its business, reporting approximately $6.6 billion in revenue for the fiscal year, a surge from last year’s approximately $4.1 billion. The company attributed the increase to ongoing customer growth in both United States and international markets, as well as continued high order rates and meals per order. HelloFresh’s Q4 revenue amounted to almost $1.8 billion, marking its highest revenue quarter up to that time.
Berlin-based HelloFresh operates in the United States, the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada, New Zealand, Sweden, France, Denmark, Norway, Italy and Japan. The meal kit company is No. 75 on The PG 100, Progressive Grocer's 2021 list of the top retailers of food and consumables in North America.
