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A-Brands

HelloFresh Sees Growth Continue To Accelerate, Despite Restrictions Easing

HelloFresh has said that order rates in the second quarter of its financial year were 71.2% higher than in the corresponding period last year, indicating that shoppers are continuing to purchase meal kits even as pandemic restrictions ease.

The group saw 30.98 million orders placed for its products in the quarter, up from 18.1 million in the corresponding period last year.

Group revenue for the period stood at €1.56 billion, a 66.5% increase on the previous year at constant currency levels, it added. Adjusted EBITDA was €157.8 million, while adjusted EBITDA margin came in at 10.1%.

'Strong Success' For HelloFresh

“The second quarter of 2021 has been a strong success for HelloFresh," commented Dominik Richter, co-founder and CEO of HelloFresh. "We delivered very meaningful growth across both segments, despite a tough benchmark, given that Q2 2020 was probably the peak lockdown quarter."

The group continues to invest in upgrading its production capacity, with the opening of two new fulfilment centres in the quarter, in Irving, Texas and Abbotsford, Canada in the quarter, while further fulfilment centres are expected to commence operations in the US, Australia and Germany over the remainder of this year or next year.

Building The Business

The group also recently announced the launch of GreenChef, a new brand for the UK market, and acquired Youfoodz last month, expanding its presence in Australia. In terms of new markets, it entered Norway in the period, its third market in the Nordics region.

“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 UK market and extending our HelloFresh Markets offering of high quality curated add-ons to the US," Richter added.

"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."

Looking ahead, the business expects revenue growth of between 45% and 55% for the full-year, ahead of the 35% to 45% that the group had previously anticipated.

© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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