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Blue Apron Rises on Improved Fourth-Quarter Outlook

Blue Apron traded higher Friday after the New York meal-kit producer said it expected better fourth-quarter results.

Blue Apron  (APRN) - Get Blue Apron Holdings, Inc. Class A Report shares rose on Friday after the New York meal-kit producer said it expected better fourth-quarter results.

Shares of Blue Apron at last check were up 1% at $7.14.

The company didn't specify its current outlook. In October Blue Apron had said it expected to incur a fourth-quarter net loss of no more than $15 million assuming similar historical seasonal demand and cost trends.

Blue Apron will report its earnings for the full year in February.

The company also said Chief Financial Officer and Treasurer Timothy S. Bensley will exit the company on Dec. 31 after 2 1/2 years to "pursue another opportunity."

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Bensley will serve as an adviser to Blue Apron through the middle of the first quarter to help with the transition. Blue Apron has engaged executive search firm Spencer Stuart to find a successor.

Bensley "made important contributions to the improvement of our daily operational practices, financial flexibility and liquidity, while also working to rightsize our cost structure," Chief Executive Linda Findley Kozlowski in a statement.

His successor should have "a record of growing and scaling consumer businesses," she said. 

Blue Apron posted a narrower-than-expected third-quarter loss of $15.3 million, or 96 cents a share, compared with a loss of $26.2 million or $1.99 a share, in the year-earlier quarter.

Revenue rose 13% to $112.3 million from $99.5 million.

The company cut product, technology, general and administrative expenses by 5% year over year, to $33.7 million from $35.3 million, in part due to the closing of its facility in Arlington, Texas, in May.