Business
The Honest Company Reports Fourth Quarter and Full Year 2021 Financial Results
Combined Core Category Revenue of Diapers and Wipes, and Skin and Personal Care, Increased 19% Compared to Fourth Quarter of 2020; Full Year 2021 Core
About this update from The Honest Company, Inc.
[{"type":"text","content":"Combined Core Category Revenue of Diapers and Wipes, and Skin and Personal Care, Increased 19% Compared to Fourth Quarter of 2020; Full Year 2021 Core Category Growth Increased 13% Compared to 2020; and Company Provides Full Year 2022 Outlook and Long-Term Strategic Plan LOS ANGELES, March 24, 2022 (GLOBE NEWSWIRE) -- The Honest Company (NASDAQ: HNST), a digitally native, mission-driven brand focused on leading the clean lifestyle movement, today reported fourth quarter and full year 2021 financial results for the year ended December 31, 2021. “I’m pleased we delivered our ninth consecutive quarter of year-over-year revenue growth. The power of the Honest brand remains resilient in a highly volatile environment, reflected in our strong year-over-year revenue growth of 19% for our core product categories in the fourth quarter, and 13% for the full year 2021. During this same timeframe, we have increased market share as well as overall household penetration in these product categories,” said Chief Executive Officer Nick Vlahos. “While we expect inflation and supply chain headwinds to continue to challenge the industry, we remain deeply focused on what we can control: driving innovation, investing in digital capabilities, expanding our distribution foot print and executing our pricing strategies to position Honest for long-term growth.” An overview of the Company’s long-term strategy is available in this earnings release. Please see an update to the Company's investor presentation on the Company's investor relations website: http://investors.honest.com/news-events/events-presentations. This press release includes non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” at the end of this press release for more information. Fourth Quarter Results Revenue increased 3% to $80.4 million for the fourth quarter of 2021 compared to the fourth quarter of 2020, and increased 26% compared to the fourth quarter of 2019. The increase in revenue for the fourth quarter of 2021, compared to the fourth quarter of 2020, was primarily a result of strong volume growth in our Skin and Personal Care and Diapers and Wipes product categories, mainly within our Digital channel, partially offset by a decline in the Household and Wellness product category due to reduced COVID-19 related consumer demand for sanitizing and disinfecting products. ...