Business
OLAPLEX Reports Third Quarter 2021 Results
Delivers strong third quarter resultsCompleted Initial Public OfferingCompany Introduces Fiscal 2021 Outlook SANTA BARBARA, Calif., Nov. 10, 2021 (GLOBE
About this update from Olaplex Holdings, Inc.
[{"type":"text","content":"Delivers strong third quarter resultsCompleted Initial Public OfferingCompany Introduces Fiscal 2021 Outlook SANTA BARBARA, Calif., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) (“OLAPLEX” or the “Company”), an innovative, science-enabled, technology-driven beauty company, focused on delivering its patent-protected premium hair care products to professional hair salons, retailers, and everyday consumers, today announced financial results for the third quarter and nine months ended September 30, 2021. JuE Wong, OLAPLEX’s President and Chief Executive Officer, commented: “We delivered an outstanding third quarter highlighted by significant growth across our key financial metrics, reflecting the power of our disruptive business model focused on improving hair health with great products backed by science. Our third quarter net sales increase of 81% year-over-year was fueled by broad-based strength for our OLAPLEX regimen across our omnichannel distribution globally and a favorable response to our new product introductions. During the quarter, we also marked a milestone for our company as we completed our initial public offering. I want to thank our entire team and partners for their hard work and dedication toward this significant event. As we look ahead, we believe OLAPLEX is well positioned for long term growth. I am extremely proud of our passionate and devoted team that continues to contribute to our performance this quarter and look forward to continuing our successful growth as a public company for the benefit of all OLAPLEX stakeholders.” For the third quarter of 2021, compared to the third quarter of 2020: Net sales increased 81% to $161.6 million reflecting strong growth across all channels of distribution driven by increased velocity of existing products, the launch of new products, and the addition of new customers, both in the U.S. and Internationally.By channel: Professional increased 57.6% to $75.0 million, or 46.4% of net salesSpecialty Retail grew 128.1% to $46.3 million, or 28.7% of net salesDirect-To-Consumer (DTC) rose 86.9% to $40.3 million, or 24.9% of net sales; Gross profit increased 103% to $127.5 million and gross margin increased 870 basis points to 78.9%;Adjusted gross profit increased 78% to $129.2 million, or an adjusted gross margin of 79.9%. This compares to adjusted gross pro...