By Exec Edge Editorial Staff
Sustainable consumer products company Grove Collaborative Holdings, Inc. (NYSE: GROV) expects net revenue of $260 million to $270 million for 2023.
In 2022, net revenue was $321.5 million, down 16% year-over-year, it said. The company views 2023 as a transitional year, during which it will continue to focus on profitability.
Grove’s four-pronged value creation plan implemented in 2022 included improved marketing efficiency, omni-channel expansion, net revenue management and operating expense discipline, it said.
“We have a clear strategy to achieve profitable growth with stabilization in the DTC business, and we are investing in new ways to grow including omni-channel distribution, category expansion with a push into health & wellness, and potential high synergy M&A opportunities through our partnership with HumanCo.,” said CEO Stuart Landesberg. “We are well positioned to execute our strategic priorities, which will generate sustainable profitable growth in the years ahead and create long-term value for our shareholders.”
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