Grove soars on entry into Kohl's, grocers

Grove Collaborative Holdings

07/07/2022 15:18

(Updates)
    ** Shares of consumer products maker Grove Collaborative
Holdings  GROV.N  up 50% at $6
    ** Grove says department store operator Kohl's  KSS.N  and
grocery chains Giant Eagle and Meijer have in recent months
added its flagship home care brand to their shelves, with more
than 700 stores now selling its products  urn:newsml:reuters.com:*:nBw1CXP0Ha
    ** Shares rose as much as 62.3% earlier in the session
    ** The flagship home care brand has also more than doubled
its product assortment in Target  TGT.N  physical and online
stores to include a broader selection of its goods - Grove
    ** Shares have declined about 40% since their close on June
17, when the firm completed merger with billionaire Richard
Branson's SPAC  urn:newsml:reuters.com:*:nL1N2Y80SP
    ** Grove last month forecast net revenue of $300 million to
$310 million for 2022, below the $383.7 million it recorded in
2021, as consumers rein in their spending in the face of
inflation

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))