OLAPLEX Reports Second Quarter 2024 Results

About this update from Olaplex Holdings, Inc.

[{"type":"text","content":"Reiterates Fiscal Year 2024 Guidance\nNEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) (\"OLAPLEX\" or the \"Company\") today announced financial results for the second quarter and six months ended June 30, 2024. Amanda Baldwin, OLAPLEX’s Chief Executive Officer, commented: \"Our second quarter performance was in line with our expectations and demonstrated continued stabilization in the business. I am encouraged by the progress we are making on our transformation journey as we delivered on our goals for the first half of the year and are now shifting our focus to the back half of 2024 and beyond. I am confident in the direction we are taking the brand and remain incredibly excited about the long-term growth potential for OLAPLEX.\" For the second quarter of 2024 compared to the second quarter of 2023: Net sales decreased 4.8% to $103.9 million; By channel: Specialty Retail increased 22.4% to $36.4 million;Professional decreased 18.4% to $33.4 million;Direct-To-Consumer decreased 11.5% to $34.1 million; Net sales increased 7.3% in the United States and decreased 15.1% internationally; Net income decreased 6.1% and adjusted net income decreased 11.6%;Diluted EPS was $0.01 for each of the second quarter of 2024 and 2023;Adjusted Diluted EPS was $0.03 for each of the second quarter of 2024 and 2023. Second Quarter 2024 Results (Dollars in $000’s, except per share data) Three Months Ended June 30, 2024 2023 % ChangeNet Sales$ 103,943 $ 109,241 (4.8)%Gross Profit$ 72,437 $ 77,496 (6.5)%Gross Profit Margin 69.7% 70.9% Adjusted Gross Profit$ 74,739 $ 79,460 (5.9)%Adjusted Gross Profit Margin 71.9% 72.7% SG&A$ 45,423 $ 48,413 (6.2)%Adjusted SG&A$ 42,555 $ 42,276 0.7%Net Income$ 5,779 $ 6,156 (6.1)%Adjusted Net Income$ 18,763 $ 21,220 (11.6)%Adjusted EBITDA$ 32,054 $ 36,698 (12.7)%Adjusted EBITDA Margin 30.8% 33.6% Diluted EPS$ 0.01 $ 0.01 —%Adjusted Diluted EPS$ 0.03 $ 0.03 —%Weighted Average Diluted Shares Outstanding 663,545,258 680,349,161 Six Months Ended June 30, 2024 Results (Dollars in $000’s, except per share data) Six Months Ended June 30, 2024 2023 % ChangeNet Sales$ 202,849 $ 223,028 (9.0)%Gross Profit$ 143,780 $ 158,306 (9.2)%Gross Profit Margin 70.9% 71.0% Adjusted Gross Profit$ 148,269 $ 162,036 (8.5)%Adjusted Gross Profit Margin 73.1% 72.7% SG&A$ 85,860 $ 83,337 3.0%Adjusted SG&A$ 79,804 $ ...

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