High inflation hampers sales of HelloFresh meal kits

According to HelloFresh, higher inflation means consumers will spend less on food boxes this year. After the Russian invasion of Ukraine, the first German company cut profit and sales expectations as people’s lives became more expensive. Additionally, consumer confidence in the economy has clearly declined, HelloFresh argues.

First, the company counted on a pre-tax profit of between 500 and 580 million euros this year. That now translates to between 460 and 530 million. Expected turnover has also been revised downwards by a few percent.

According to HelloFresh, which operates in the Netherlands and the United States, preliminary results for the second quarter showed stronger-than-expected results. Turnover was almost 2 billion euros, up from more than 1.5 billion euros in the same quarter last year. The number of active customers is now around 8 million. Separate figures for the Netherlands are not published.