Business
OLAPLEX Reports Third Quarter 2022 Results
Net Sales grew 9.2% in the third quarter 2022 SANTA BARBARA, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) ("OLAPLEX" or the
About this update from Olaplex Holdings, Inc.
[{"type":"text","content":"Net Sales grew 9.2% in the third quarter 2022\nSANTA BARBARA, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Olaplex Holdings, Inc. (NASDAQ: OLPX) (\"OLAPLEX\" or the \"Company\"), today announced financial results for the third quarter and nine months ended September 30, 2022. For the third quarter of 2022 compared to the third quarter 2021: Net sales increased 9.2% to $176.5 million; Net sales decreased 4.3% in the United States and increased 27.8% internationallyBy channel: Specialty Retail increased 60.1% to $74.2 million;Professional declined 16.0% to $63.0 million;Direct-To-Consumer declined 2.6% to $39.3 million; Net income increased 7.4% and adjusted net income decreased 1.6%;Diluted EPS was $0.09 for the third quarter 2022, as compared to $0.08 for the third quarter 2021;Adjusted Diluted EPS was $0.11 for the third quarter 2022, as compared to $0.11 for the third quarter 2021 JuE Wong, OLAPLEX’s President and Chief Executive Officer, commented: \"Our third quarter performance was in line with the preliminary estimates provided in our business update in October 2022. In response to the moderating sales growth trends, we are taking actions that we believe will strengthen our forecasting capabilities and accelerate demand for Olaplex products. The successful execution of these initiatives is expected to drive new customer acquisition and maintain our strong customer retention rates. More broadly, we believe that the fundamental competitive advantages of our business remain intact and that we are well-positioned to capitalize on a broad and exciting range of future growth opportunities.\" Third Quarter Highlights (Dollars in $000’s, except per share data) Quarter to Date Q3 2022 Q3 2021 % ChangeNet Sales $176,454 $161,624 9.2%Gross Profit $129,828 $127,482 1.8%Gross Profit Margin 73.6% 78.9% Adjusted Gross Profit $132,604 $129,162 2.7%Adjusted Gross Profit Margin 75.1% 79.9% SG&A $30,807 $30,257 1.8%Adjusted SG&A $28,397 $22,194 27.9%Net Income $60,763 $56,591 7.4%Adjusted Net Income $73,272 $74,434 (1.6)%Adjusted EBITDA $102,037 $106,842 (4.5)%Adjusted EBITDA Margin 57.8% 66.1% Diluted EPS $0.09 $0.08 12.5%Adjusted Diluted EPS $0.11 $0.11 —%Weighted Average Diluted Shares Outstanding 691,257,654 690,711,782 Nine Months Highlights (Dollars in $000’s, except per share data) Year to Date Nine MonthsYear to Date2022 Nine MonthsYear...