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Blue Apron shares slump as deeper losses, Amazon loom


Aug 10 (Reuters) - Meal-kit delivery company Blue Apron lost nearly a fifth of its value on Thursday after saying costs tied to moving to a new distribution center would pile on to losses this year, compounding worries about competition from e-commerce giant

Less than two months after its initial public offering, New York-based Blue Apron also reported a bigger-than-expected quarterly loss. Sharp marketing cuts and stiff competition led to a 9-percent decline in second-quarter customers compared with the first quarter.

The five-year-old company, which competes with dozens of startups including Hello Fresh and Plated, serves customers who often switch allegiance or cancel subscriptions altogether once free trials are up. Inc registered a trademark for a similar meal-kit service last month, heralding even more competition to come. That move, along with Amazon's industry-altering deal to...