Business
The Honest Company Reports Second Quarter 2021 Financial Results
Seventh consecutive quarter of year-over-year revenue and volume growthRevenue grew 3% and 20%, respectively, as compared to second quarter of 2020 and 2019
About this update from The Honest Company, Inc.
[{"type":"text","content":"Seventh consecutive quarter of year-over-year revenue and volume growthRevenue grew 3% and 20%, respectively, as compared to second quarter of 2020 and 2019 LOS ANGELES, Aug. 13, 2021 (GLOBE NEWSWIRE) -- The Honest Company (NASDAQ: HNST), a digitally native, mission-driven brand focused on leading the clean lifestyle movement, reported second quarter 2021 financial results for the three and six months ended June 30, 2021. “The underlying strength and financial performance of our overall business for the first half of 2021 reflects the ongoing success of our strategic initiatives focused on Content, Community, Commerce, and our powerful innovation and category expansion,” said Nick Vlahos, Chief Executive Officer of The Honest Company. “For the first half of 2021, we were pleased to deliver 8% revenue and volume growth on top of the accelerated COVID stock-up surge of 25% revenue growth that we saw in the first half of 2020 as compared to the first half of 2019. We also exceeded our gross margin expectations for the overall business in the first half of 2021, showing the strength of our business at a time when our entire industry faced a challenging input cost, inventory and supply chain environment.” Vlahos continued, \"During the second quarter we saw positive consumer response to our new Clean Conscious Diaper and marketing innovation with over 17% retail consumption growth for Honest's Diapers, Wipes and Personal Care products as measured by syndicated data for the thirteen-weeks ended June 27, 2021. This growth is on top of the significant COVID-19 stock-up we experienced in the Diapers and Wipes category in 2020. As we look to the remainder of the year, we continue to have confidence in our three year strategic plan, Strategy 2023, and are focused on executing with excellence to deliver shareholder value over the long-term and solidify Honest's position as the next generation, modern CPG company.” Second Quarter Highlights Revenue grew 3% from the second quarter of 2020; excluding an estimated $3.7 million COVID-19 stock-up impact primarily in Diapers and Wipes in the prior year period, revenue growth was 9%(1): Skin and Personal Care revenue increased 16% from the second quarter of 2020 and increased 39% as compared to the second quarter of 2019.Diapers and Wipes declined 2% as compared to the second quarter of 2020 with m...