Business
OLAPLEX Reports Fourth Quarter and Full Year 2022 Results
SANTA BARBARA, Calif., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) ("OLAPLEX" or the "Company") today announced financial results
About this update from Olaplex Holdings, Inc.
[{"type":"text","content":"SANTA BARBARA, Calif., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) (\"OLAPLEX\" or the \"Company\") today announced financial results for the fourth quarter and full year ended December 31, 2022. For fiscal year 2022 compared to fiscal year 2021: Net sales increased 17.7% to $704.3 million; Net sales increased 15.4% in the United States and increased 20.9% internationallyBy channel: Professional increased 16.0% to $300.5 million;Specialty Retail increased 33.9% to $235.3 million;Direct-To-Consumer increased 3.0% to $168.5 million; Net income increased 10.5% and adjusted net income increased 13.1%;Diluted EPS was $0.35 for 2022, as compared to $0.32 for 2021;Adjusted Diluted EPS was $0.45 for 2022, as compared to $0.40 for 2021 For the fourth quarter of 2022 compared to the fourth quarter 2021: Net sales declined 21.5% to $130.7 million; Net sales decreased 28.0% in the United States and decreased 13.4% internationallyBy channel: Professional declined 3.9% to $54.9 million;Direct-To-Consumer declined 13.2% to $43.2 million;Specialty Retail declined 45.3% to $32.6 million; Net income decreased 51.5% and adjusted net income decreased 32.3%;Diluted EPS was $0.05 for the fourth quarter 2022, as compared to $0.10 for the fourth quarter 2021;Adjusted Diluted EPS was $0.07 for the fourth quarter 2022, as compared to $0.10 for the fourth quarter 2021 JuE Wong, OLAPLEX’s President and Chief Executive Officer, commented: \"As expected, the fourth quarter represented a challenging end to fiscal 2022 reflecting the rapidly changing market dynamic that began mid-year. Our priorities in 2023 are to reset our base and invest in our core to provide a more powerful platform for growth. We are focused on increasing investments in sales, marketing and education, while continuing to bring to market efficacious products that professionals and consumers love and trust. We believe the actions we are taking along with our strength in product technology, R&D and community, combined with our strong cash flow generation, will enable us to increase our leadership position in prestige haircare and return the business to growth in the future.\" Full Year 2022 Highlights (Dollars in $000’s, except per share data) Full Year 2022 2021 % ChangeNet Sales $704,274 $598,365 17.7%Gross Profit $519,553 $473,822 9.7%Gross Profit Margin 73.8%...