Business
The Honest Company Reports Third Quarter 2021 Financial Results
Eighth consecutive quarter of year-over-year revenue and volume growthRevenue grew 6% as compared to third quarter of 2020 and 47% as compared to third
About this update from The Honest Company, Inc.
[{"type":"text","content":"Eighth consecutive quarter of year-over-year revenue and volume growthRevenue grew 6% as compared to third quarter of 2020 and 47% as compared to third quarter of 2019Diapers and Wipes and Skin and Personal Care combined revenue grew 20% as compared to third quarter of 2020 LOS ANGELES, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The Honest Company (NASDAQ: HNST), a digitally native, mission-driven brand focused on leading the clean lifestyle movement, today reported third quarter 2021 financial results for the three and nine months ended September 30, 2021. Third quarter results reflect Honest’s strategic investments in its core product categories across Diapers and Wipes and Skin and Personal Care, with both categories experiencing revenue growth compared to the third quarter of 2020 and 2019. “The progress and underlying strength of our business reflects the continued success of our strategic initiatives. This past quarter’s results reflect solid execution by our team, delivering growth, increasing market share, accelerating household penetration and adding incremental omnichannel distribution,” said Nick Vlahos, Chief Executive Officer of The Honest Company. “As our entire industry has faced a dynamic operating environment with significant inflationary pressure and supply chain challenges, our solid revenue and gross margin performance continues to show the strength of our business. As we look to the future, we remain confident in our strategic plan and are focused on executing with excellence to deliver long-term shareholder value and further solidify Honest's position as the next generation, modern CPG company.” Third Quarter Highlights Revenue grew 6% from the third quarter of 2020 led by Diapers and Wipes and Skin and Personal Care, which collectively grew 20% compared to the third quarter of 2020, partially offset by a decline in Household and Wellness.Gross profit of $29.8 million and gross margin of 36% reflecting strong demand for our product offerings as well as efficiencies from our costovation strategies which mitigated the negative impact of cost inflation.Expanded retail distribution to over 40,000 retail locations in the third quarter of 2021, an increase of 10% as compared to the third quarter of 2020.Introduced consumer-centric new marketing including our Lavender Nighttime campaign and support for our Beauty Restage t...