- Honest Company Inc HNST reported second-quarter FY21 revenue growth of 3% year-on-year to $74.58 million, missing the analyst consensus of $79.52 million.
- Segments: Skin and Personal Care revenue grew 16% Y/Y to $23.9 million, Diapers and Wipes revenue declined 2% Y/Y to $47.8 million, and Household and Wellness revenue reduced 6% Y/Y to $2.9 million.
- Digital channel revenue decreased 24% to $34.8 million, and Retail channel revenue rose 51% Y/Y to $39.8 million.
- Margin: The gross margin contracted 50 bps to 36%, driven by more normalized levels of trade spend. Costs rose 4% Y/Y.
- Operating expenses shot up 74% Y/Y, driven by higher SG&A.
- Honest Company reported an adjusted EBITDA loss of $(0.8) million.
- Non-GAAP loss per share of $(0.23) missed the analyst consensus of $(0.14).
- Honest Company used $32.6 million in operating cash flow during the six months ended Jun. 30. It held $95.1 million in cash and equivalents.
- The company saw positive consumer response to its new Clean Conscious Diaper and marketing innovation with over 17% retail consumption growth for Honest's Diapers, Wipes, and Personal Care products in Q2.
- Honest Company reported confidence in its three-year strategic plan, Strategy 2023.
- Price Action: HNST shares traded lower by 7.47% at $13.00 in the premarket session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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