By Exec Edge Editorial Staff
Grove Collaborative Holdings, Inc. (NYSE: GROV), a sustainable consumer products company, raised its guidance for this year. Shares rose 8.3%.
The company now sees net revenue of $302.5 to $312.5 million, up from $300 to $310 million previously, it said in a statement.
Grove expanded its retail footprint by entering into three new retailers and increasing its assortment at Target by over 100%, it said in the statement. It also partnered with Drew Barrymore on its first multi-channel brand campaign, the company said.
Net revenue was $79.3 million, down 12% from the first quarter of 2022, and down 20% year-over-year. Gross margin was 49.1%, up 190 basis points from the first quarter of 2022, and down 40 basis points year-over-year.
“Change in the CPG industry is inevitable, and Grove is in pole position to lead that change,” said CEO Stuart Landesberg. “Our disruptive and innovative brand has a tremendously loyal following, we are just beginning to bring our products to the retail channel where over 90% of purchases in our categories are made, and we are laser focused on driving profitability.”