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Technology

HelloFresh Shares Soar As It Raises Its Sales Forecasts Again

Shares in Germany's HelloFresh jumped almost 8% on Thursday after the food delivery company raised its 2020 sales forecast for a fifth time and said it expected further growth next year.

Coronavirus lockdowns have helped food delivery companies worldwide and shares in DoorDash, a US technology firm that arranges deliveries from restaurants, leapt more than 80% on their market debut on Wednesday.

HelloFresh, which delivers boxes with meal ingredients and recipes for customers to prepare dishes at home, said its sales this year adjusted for currency fluctuations should rise by 107% to 112%, 10% above its previous forecasts.

Impact Of Pandemic

Shares in HelloFresh, which serves about five million customers in 14 countries, have now rallied 185% since the start of the coronavirus pandemic as lockdowns forced restaurants around the worldwide to shut.

For 2021, HelloFresh expects its currency-adjusted sales to increase by a further 20%-25%, a forecast which takes into account its recent takeover of US ready-made meal supplier Factor75.

HelloFresh will provide a further update on its plans during its Capital Markets Day later on Thursday.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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