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HelloFresh shares at record high on virus sales boost – Source Reuters Tech News

BERLIN (Reuters) – Shares in meal-kit delivery firm HelloFresh (HFGG.DE) jumped to a record high on Tuesday after it said it expected strong first-quarter sales and profit due to a surge in demand as coronavirus lockdowns prompt more people to cook at home.

HelloFresh shares were up 14.2% at 0725 GMT, making them the biggest gainer on the German mid-cap index .MDAX.

The company, which delivers pre-portioned meal ingredients with recipes to subscribers, has grown rapidly in the United States, outperforming rival Blue Apron (APRN.N), which has also reported a sharp increase in demand due to the coronavirus.

Berlin-based HelloFresh, which makes more than half of its sales in the United States, said late on Monday it expects quarterly revenue of between 685 million and 710 million euros ($755-783 million), while adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) should come in at 55-75 million euros.

Deutsche Bank said that implied revenue growth of up…

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Source Reuters Tech News

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