Honest Co. reports narrower-than-expected loss

honest-co.-reports-narrower-than-expected-loss

Honest Co. Inc. HNST, +8.19% shares rose 2.1% in Friday premarket trading after it reported a narrower-than-expected first-quarter loss and revenue that was roughly in line with expectations. The company, which produces “clean” beauty, household, and baby products, posted a net loss of $14.6 million, or 16 cents per share, after a loss of $4.5 million, or 13 cents per share, last year. Revenue of $68.7 million was down from $81.0 million. The FactSet consensus was for a loss of 15 cents per share and revenue of $68.8 million. Honest Co., a digital company, says it was impacted by shoppers returning to stores. “With the first quarter behind us, Honest expects to return to growth over the next three quarters as we introduce new innovation, expand with new strategic retail partners and improve the digital experience on Honest.com,” said Chief Executive Nick Vlahos in a statement. Honest maintained its full-year flat revenue outlook. The FactSet consensus is for $317.8 million, suggesting a 0.3% decline. Honest Co. shares have tumbled 63.8% for the year to date.

Source: Marketwatch

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