Business
The Honest Company Reports First Quarter 2021 Financial Results
Record first quarter revenue of $81.0 million, 12% revenue growth over first quarter of 2020 LOS ANGELES, June 16, 2021 (GLOBE NEWSWIRE) -- The Honest Company
About this update from The Honest Company, Inc.
[{"type":"text","content":"Record first quarter revenue of $81.0 million, 12% revenue growth over first quarter of 2020\nLOS ANGELES, June 16, 2021 (GLOBE NEWSWIRE) -- The Honest Company (NASDAQ: HNST), a digitally native, mission-driven brand focused on leading the clean lifestyle movement, reported first quarter 2021 financial results for the period which ended March 31, 2021. “We had a strong start to 2021, reporting double-digit sales growth. This growth reflects the ongoing success of our strategic initiatives focused on Content, Community and Commerce, powerful innovation and category expansion,” said Nick Vlahos, Chief Executive Officer of The Honest Company. “Honest is dedicated to providing safe, clean and effective products to consumers around the world and we are confident our strategy will help drive our mission of inspiring everyone to love living consciously.” “Since our founding, we have been laser-focused on listening to the wants and needs of our consumers. As a result, over the last several years, we have doubled down on expanding our business into new areas, including skincare and beauty,” said Jessica Alba, Founder and Chief Creative Officer of The Honest Company. “It is energizing to see the success of our daily use skincare and beauty products in the first quarter of 2021, driving strong growth in our Skin and Personal Care product category. As we look to the future, we will continue to use consumer insights to drive our focus on current and future trends in self-care, clean beauty, and skincare as well as our key product categories of Diapers and Wipes, Household and Wellness.” First Quarter 2021 Financial Results & Business Highlights For the three months ended March 31, 2021 2020 2019 2021 vs 2020 2020 vs 2019(In thousands, except percentages) By Product Category Diapers and Wipes$49,574 $50,483 $37,402 (2)% 35%Skin and Personal Care26,245 18,482 11,373 42% 63%Household and Wellness5,213 3,407 4,523 53% (25)%Total Revenue$81,032 $72,372 $53,298 12% 36% By Channel Digital$42,461 $41,496 $33,751 2% 23%Retail 38,571 30,876 19,548 25% 58%Total Revenue$81,032 $72,372 $53,298 12% 36% Revenue increased 12% to $81.0 million compared to the first quarter of 2020 with strong double-digit growth even as compared to a strong first quarter of 2020, when sales increased 36% to $72.4 million compared to the first quarter of 2019. The first quart...