Honest Company, Inc. (HNST): restructuring charge — Honest Company Q1 revenue up 21%; announces Transformation Initiative with $10M-$15M costs, $15M-$20M benefits

Honest Company, Inc.

2023-Q1 EPS reported -$0.20 revenue$83,388,000

Q1 2023 revenue increased 21% YoY; tracked channel consumption up 30%.
Full year 2023 revenue outlook raised; no specific figure provided in filing text.
Transformation Initiative costs $10M-$15M for 2023; $7M recognized in Q1 (includes $1.4M restructuring).
Annualized benefits expected $15M-$20M; benefits expected to begin in late 2023.
Restructuring focuses on exiting unprofitable Asia and Europe retail/online operations.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Honest Company, Inc. updated its the three months ended March 31, 2023 guidance (raised).

Period: the three months ended March 31, 2023
Guidance: raised
Result: reported results

Exact text from the filing

On May 9, 2023 , The Honest Company, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Honest Company, Inc. announced a restructuring with charges of approximately $10.0 million to $15.0 million for the full year 2023, with $7.0 million recognized during the three months ended March 31, 2023 affecting Asia and Europe.

Type: restructuring
Charge: approximately $10.0 million to $15.0 million for the full year 2023, with $7.0 million recognized during the three months ended March 31, 2023
Affected area: Asia and Europe

Exact text from the filing

Costs associated with the Transformation Initiative, including restructuring costs, are expected to be approximately $10.0 million to $15.0 million for the full year 2023, with $7.0 million recognized during the three months ended March 31, 2023.

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Honest Company, Inc. filing history →

Source: SEC EDGAR

accession 0001530979-23-000064

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