11.08.23
Hair care brand Olaplex's net sales for the quarter ended Sept. 30, 2023 fell 30% year-over-year to $123.6 million.
Specialty retail, previously the brand’s largest channel, saw sales fall 41.8% from the prior year, to $43.2 million. Professional and direct-to-consumer channels were $48.3 million and $32.1 million in the quarter, respectively.
Net income fell 66.5% to $20.4 million and adjusted net income dipped 54.5% to $33.4 million, for the quarter.
“Our third-quarter results and the encouraging early indicators from our increased investments support our belief that we are making solid progress toward stabilizing our sales trend in the second half of 2023,” said JP Bilbrey, interim CEO. “We remain excited about the untapped opportunities ahead of Olaplex and are implementing changes that we believe will position the brand for long-term profitable growth.”
Olaplex has narrowed its guidance, expecting $450 million to $460 million in net sales for the full year, officials said.
CEO Transition
Bilbrey temporarily replaced CEO JuE Wong following her departure from the company in October. In 2024, Amanda Baldwin, currently CEO of Supergoop, will take the top post.