Shares of meal-kit provider Blue Apron Holdings Inc. (APRN - Get Report) rose more than 44% Tuesday heading into the close after the company affirmed guidance for its most recent fiscal quarter and shared positive news about its recently announced deal with Weight Watchers International Inc. (WTW - Get Report) , now known as WW.
Blue Apron shares closed 44.23% higher at $1.50 in trading on the New York Stock Exchange. The stock rallied after the company said Tuesday morning that it will release fiscal fourth-quarter and full-year results on Jan. 31, adding that "based on its current view of the business, Blue Apron plans to reaffirm confidence in achieving profitability on an adjusted EBITDA basis both in the first quarter of 2019 and for full year 2019 as it actively pursues the appropriate strategies to create value for its stakeholders."
Blue Apron also said its results will reflect a "sharpened focus on attracting and engaging consumers with proven affinity and retention within its direct-to-consumer platform," as well as on improvements in its operations and corresponding efficiency.
The company said it will also outline in more detail the "favorable consumer response" it's seeing with its exclusive direct-to-consumer national partnership with WW. That deal launched at December's end, and Blue Apron said the offering has generated higher-than-expected demand to date.
Blue Apron shares fell to as low as 65 cents intraday on Dec. 21, but have since more than doubled on expectations that the firm's partnership with WW will continue to boost demand without requiring much marketing spending.
(This article has been updated.)