03.24.22
Global personal care company Mav Beauty Brands Inc. today reported revenue in the fourth quarter was $26.7 million—a 14.5% revenue increase from the year prior.
These financial results are reflective of the three and 12 months ended December 31, 2021.
Revenue in Q4 2020 was $23.3 million.
Adjusted earnings before interest, taxes, depreciation, and amortization was $3.2 million versus $3.4 million in Q4 2020.
"Revenue increased by 14.5% in the quarter compared to prior year and there were multiple performance highlights from the portfolio, including the sustained growth of the Marc Anthony and Cake brands,” said Serge Jureidini, president and CEO of Mav Beauty Brands. “Nonetheless, it was a challenging quarter and year overall as we felt the impact of net distribution losses while our margins and profitability were also affected by ongoing supply chain cost pressures and other factors. "We continue working to mitigate these headwinds.”
For the Canada/US region, revenue increased by 11.9% to $24.4 million in Q4 2021, compared to $21.8 million in Q4 2020. The year-over-year increase mainly reflects higher sales from two of the Mav Beauty brands, which offset reduced sales from the other two brands. For the international region, revenue increased by 38.4% to $2.2 million, in Q4 2021 compared to $1.6 million in Q4 2020, reflecting continued recovery from COVID-19 related disruptions and improved production and logistics service levels compared to the prior year.
Gross profit increased by 14.7% to $10.4 million in Q4 2021, compared to $9.1 million in Q4 2020. Gross profit margin was 38.9% in Q4 2021, compared to 38.8% in Q4 2020. The year-over-year improvement reflects a favorable sales mix, offset by the continued negative impact of increased supply chain input costs. Beginning in 2022, the company is adjusting its pricing on certain products to partially offset some of these higher input costs.
“In a growth-oriented haircare market, our focus for 2022 is to stabilize the business through enhanced execution and building the desirability of our brands, notably through product innovation,” Jureidini. “Over time, we continue to believe the platform will deliver above-category growth from a diverse and complementary brand portfolio."