By Sam Boughedda
Investing.com — Honest Company Inc (NASDAQ:) shares plunged 28% Friday on the back of the company’s quarterly report, which saw it miss earnings and revenue expectations.
The consumer goods company reported a loss per share of $0.10 on of $80.38 million. Analysts polled by Investing.com expected a loss per share of $0.07 on revenue of $84.65 million. Revenue rose 3% year-over-year.
While the company’s diapers and wipes segment and skin and personal care segment saw a rise in revenue, 16%, and 26%, respectively, its household and wellness segment declined $9.7 million, or 68%, in the fourth quarter. The company put the decline down to reduced COVID-19 related consumer demand for sanitizing and disinfecting products and face masks.
In a further blow to shareholders, the company sees 2022 revenue as being approximately flat compared to 2021, with first-quarter revenue anticipated to decline about 15%.
Honest Company CEO Nick Vlahos said they “expect inflation and supply chain headwinds to continue to challenge the industry.”
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment