Business
OLAPLEX Reports Second Quarter 2023 Results
Revises Fiscal Year 2023 Guidance SANTA BARBARA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) ("OLAPLEX" or the "Company"),
About this update from Olaplex Holdings, Inc.
[{"type":"text","content":"Revises Fiscal Year 2023 Guidance\nSANTA BARBARA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) (\"OLAPLEX\" or the \"Company\"), today announced results for the second quarter ended June 30, 2023. JuE Wong, OLAPLEX’s President and Chief Executive Officer, stated: \"Our second quarter performance was below our expectations as our Professional and Specialty Retail channels experienced slower demand and some customers right sized their inventory positions in response to current trends. As such, we have updated our assumptions for the remainder of the year and reduced our fiscal 2023 outlook. We are intently focused on stabilizing demand trends in the second half of 2023, while increasing and optimizing the mix of our marketing investments in support of this objective. As an industry-leading brand backed by science and technology, we remain confident in our long-term opportunities.\" For the second quarter of 2023 compared to the second quarter of 2022: Net sales were $109.2 million, down 48.2%; By channel: Professional was $40.9 million, down 61.2%;Direct-To-Consumer was $38.5 million, down 6.4%; andSpecialty Retail was $29.8 million, down 53.7%. Net sales decreased 58.7% in the United States and 34.0% internationally; Net income was $6.2 million and adjusted net income was $21.2 million for the three months ended June 30, 2023, as compared to $87.7 million and $98.8 million, respectively, during the same period in 2022;Diluted EPS was $0.01 for the second quarter 2023, as compared to $0.13 for the second quarter 2022; andAdjusted Diluted EPS was $0.03 for the second quarter 2023, as compared to $0.14 for the second quarter 2022. Second Quarter Results (Dollars in $000’s, except per share data) Quarter to Date Q2 2023 Q2 2022 % ChangeNet Sales $109,241 $210,903 (48.2)%Gross Profit $77,496 $156,430 (50.5)%Gross Profit Margin 70.9% 74.2% Adjusted Gross Profit $79,460 $158,610 (49.9)%Adjusted Gross Profit Margin 72.7% 75.2% SG&A $48,413 $26,111 85.4%Adjusted SG&A $42,276 $24,384 73.4%Net Income $6,156 $87,715 (93.0)%Adjusted Net Income $21,220 $98,754 (78.5)%Adjusted EBITDA $36,698 $133,079 (72.4)%Adjusted EBITDA Margin 33.6% 63.1% Diluted EPS $0.01 $0.13 (92.3)%Adjusted Diluted EPS $0.03 $0.14 (78.6)%Weighted Average Diluted Shares Outstanding 680,349,161 691,365,072 Six Months Results (Dollars in $...