Blue Apron Holdings Inc. shares APRN, -11.68% slid 4.9% in premarket trade Monday, after the meal kit maker posted a wider-than-expected loss for the first quarter and revenue that fell short of consensus. The company had a loss of $38.4 million, or $1.19 a share, for the quarter, after a loss of $15.7 million, or 88 cents a share, in the year-earlier period. Revenue fell to $117.8 million from $129.7 million a year ago.
The company said marketing costs rose 40% to $28 million as it worked to improve brand awareness and reach. Cost of goods sold, excluding depreciation and amortization, as a percentage of net revenue rose 460 basis points from a year ago. The company is now expecting full-year revenue growth in the mid-teens percentage range, and expects to return to positive revenue growth in the second quarter and for the rest of the year.