Brief: The Honest Company Reports Q1 2023 Results

Honest

09/05/2023 13:04

May 9 (Reuters) - Honest Company Inc  HNST.O :
    * THE HONEST COMPANY REPORTS FIRST QUARTER 2023 RESULTS
    * RAISES FULL YEAR REVENUE OUTLOOK
    * IN Q1 OF 2023, COMPANY BEGAN EXECUTING A BROAD-BASED PLAN
    * INCREASING ITS FULL YEAR 2023 REVENUE OUTLOOK TO BE UP
LOW-SINGLE DIGITS VERSUS REVENUE REPORTED FOR FULL YEAR 2022
    * 2023 ADJUSTED EBITDA IS EXPECTED TO BE IN RANGE OF
NEGATIVE $25
MILLION TO NEGATIVE $30 MILLION
    * TRANSFORMATION INITIATIVE INVOLVES PLANS TO ALIGN OUR
PRICING TO
REFLECT PREMIUM NATURE OF OUR BRAND
    * TRANSFORMATION INITIATIVE TO EXPAND GROSS MARGINS BY
EXITING
EUROPE AND ASIA, DISCONTINUE LOW-MARGIN PRODUCT LINES AND SKUS
    * QTRLY LOSS PER SHARE $0.20
    * IN Q1 OF 2023, COMPANY RECOGNIZED $7 MILLION OF COSTS
RELATED TO
TRANSFORMATION INITIATIVE
    * Q1 EARNINGS PER SHARE VIEW $-0.13, REVENUE VIEW $71.5
MILLION --
REFINITIV IBES DATA
    * FOR FULL YEAR 2023, COSTS RELATED TO TRANSFORMATION
INITIATIVE
ARE EXPECTED TO BE IN RANGE OF $10 MILLION TO $15 MILLION
    * FY2023 REVENUE VIEW $314.1 MILLION -- REFINITIV IBES DATA
    * TRANSFORMATION INITIATIVE EXPECTED TO GIVE ANNUALIZED
BENEFITS
OF $15 MILLION TO $20 MILLION, EXPECTS TO SEE BENEFITS IN LATE
2023

Source text for Eikon:  ID:nGNX3j9sCV 
Further company coverage:  HNST.O 

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