Business
OLAPLEX Reports First Quarter 2023 Results
SANTA BARBARA, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) ("OLAPLEX" or the "Company"), today announced net sales results
About this update from Olaplex Holdings, Inc.
[{"type":"text","content":"SANTA BARBARA, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) (\"OLAPLEX\" or the \"Company\"), today announced net sales results in line with guidance for the first quarter ended March 31, 2023. JuE Wong, OLAPLEX’s President and Chief Executive Officer, commented: \"Our first quarter results were in line with our expectations and we made progress on the priority actions for our reset year. We delivered high impact innovation and made important investments in sales, marketing and education that are expected to strengthen our business and extend our leadership in the prestige hair care category. While we recognize that we are in the early stages of this plan achieving its intended results, we remain confident that our competitive differentiators and the execution of our priorities will enable OLAPLEX to return to consistent and sustained sales growth at continued top-tier profitability in the future.\" For the first quarter of 2023 compared to the first quarter of 2022: Net sales were $113.8 million, down 38.9%; By channel: Professional was $48.4 million, down 37.2%;Specialty Retail was $34.9 million, down 45.8%;Direct-To-Consumer was $30.5 million, down 31.9%; Net sales decreased 60.3% in the United States and increased 0.1% internationally; Net income decreased 66.2% and adjusted net income decreased 65.7%;Diluted EPS was $0.03 for the first quarter 2023, as compared to $0.09 for the first quarter 2022;Adjusted Diluted EPS was $0.05 for the first quarter 2023, as compared to $0.13 for the first quarter 2022 First Quarter (Dollars in $000’s, except per share data) Year to Date Q1 2023 Q1 2022 % ChangeNet Sales $113,787 $186,196 (38.9)%Gross Profit $80,810 $141,205 (42.8)%Gross Profit Margin 71.0% 75.8% Adjusted Gross Profit $82,576 $147,298 (43.9)%Adjusted Gross Profit Margin 72.6% 79.1% SG&A $34,924 $22,314 56.5%Adjusted SG&A $32,904 $20,618 59.6%Net Income $20,964 $61,961 (66.2)%Adjusted Net Income $31,399 $91,425 (65.7)%Adjusted EBITDA $50,029 $126,378 (60.4)%Adjusted EBITDA Margin 44.0% 67.9% Diluted EPS $0.03 $0.09 (66.7)%Adjusted Diluted EPS $0.05 $0.13 (61.5)%Weighted Average Diluted Shares Outstanding 683,485,182 693,021,097 Adjusted gross profit, adjusted gross profit margin, adjusted SG&A, adjusted net income, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS are measures...