Business
The Honest Company Reports Fourth Quarter and Full Year 2022 Financial Results
Delivers Fourth Quarter Revenue to Achieve Full Year 2022 Revenue Outlook LOS ANGELES, March 16, 2023 (GLOBE NEWSWIRE) -- The Honest Company (NASDAQ: HNST), a
About this update from The Honest Company, Inc.
[{"type":"text","content":"Delivers Fourth Quarter Revenue to Achieve Full Year 2022 Revenue Outlook\nLOS ANGELES, March 16, 2023 (GLOBE NEWSWIRE) -- The Honest Company (NASDAQ: HNST), a digitally-native consumer products company born in the Gen Z era to make purpose-driven consumer products designed for all people, today reported fourth quarter and full year 2022 financial results for the year ended December 31, 2022. “Honest’s mission to provide purpose-driven and purpose-designed products that reflect an ever-diversifying set of consumers is as meaningful today as when it was launched 11 years ago. Since joining Honest, just over two months ago, I've been impressed with the quality of the products, the strength of the brand, and the commitment of our teams and partners,” said Chief Executive Officer, Carla Vernón. “Honest is a brand with a demonstrated ability to deliver mission-driven innovation and lead growth with the high-quality products our consumers love and value. That legacy will remain our North Star as we build a glide path to a stronger and more profitable Honest in 2024.” Fourth Quarter 2022 Highlights: Revenue growth was 2% in the quarter, driven by strong retail consumption, distribution gains, and price increases, partially offset by a decline in Digital revenueConsumption of Honest diapers, wipes, skin, and personal care increased by 15% versus prior year(1)Gross margin of 27.5% reflected a 250 basis point decline versus the fourth quarter of 2021, reflecting significantly higher product and fulfillment costs ____________ (1) According to independent third-party data. Reflects consumption for diapers, wipes, baby personal care, skin care and cosmetics items. All consumption in this release reflects retail tracked channels as well as online sales excluding DTC sales (via honest.com) for 13 weeks ending January 1, 2023. Fourth Quarter Results(All comparisons are versus the fourth quarter of 2021) 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. Revenue increased 2% to $81.9 million, driven by strong retail consumption, distribution gains, and price increases, partially offset by a decline in the Digital business. Revenue by Product Category For the three months ended December 31, 2022 2021 % change (In thousands, except percentages) Di...