11.03.22
Mav Beauty Brands Inc. reported a $2.1 million decline in total revenue for Q3 compared to prior-year period.
According to the company, total revenue for the global personal care company was $22.0 million for the three and nine months ended September 30, 2022 versus $24.1 million in Q3 2021.
Mav Beauty Brands Inc.’s adjusted EBITDA increased to $3.3 million versus $3.1 million in Q3 2021.
The company also reported a net loss of $93.5 million, including non-cash impairment of goodwill and intangible assets of $89.9 million.
There was an adjusted net loss of $0.2 million versus adjusted net income of $0.3 million in Q3 2021.
While company CEO Serge Jureidini remarked the third quarter a “challenging period from a sales perspective given a reduced net distribution footprint from earlier in the year coupled with the impact of inventory tightening at key retailers in response to reduced consumer spending, the company is encouraged by the gross margin expansion. This, he said, reflects the benefit of select price increases and cost savings initiatives.
“As we look ahead to 2023, we believe that our efforts in product innovation and enhanced operational execution will position the business for improved sales and profitability,” said Jureidini. “While the macroeconomic conditions may remain challenging in the near term, our core categories – hair care and body wash – have shown resilience through past economic downturns."
Kathy Mayor Appointed to Board of Directors
Effective today, the company appointed Kathy Mayor independent director to the Board of Directors.
Currently the chief marketing officer of Transformco, a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences, and previously, the CMO at BoxyCharm, the company believes she will add tremendous value as MAV works to increase awareness of its brands and build on the success to date in e-commerce.