In This Article:
By Karen Roman
Grove Collaborative Holdings, Inc. (NYSE: GROV) said total revenue was $43.5 million, 18.7% less compared to $53.5 million the year prior, partly due to its eCommerce platform migration.
Adjusted EBITDA was $(1.6) million compared to $1.9 million year-over-year, while DTC net revenue per order increased 0.3% to $66.49, it stated.
Operating expenses were down 12.2% to $26.6 million compared to $30.3 million the year prior, the company announced.
Grove updated its annual guidance and expects total revenue will decrease mid-single-digit to low double-digit percentage points, it said.
“As we continue to optimize the platform, improve advertising efficiency, and expand our product assortment, we believe these improvements will drive momentum in the back half of the year and set the stage for long-term, mission-aligned growth,” said Jeff Yurcisin, Grove Collaborative CEO.
Contact: