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“Throughout 2024, we've focused on building a stronger operational foundation while gathering valuable market intelligence across our brand portfolio,” says CEO Ross Sklar.
November 15, 2024
By: Lianna Albrizio
Associate Editor
Starco Brands – owner of “clean” fragrance brand Skylar – reported a decrease in revenue for Q3 2024 from $15.5 million compared to $17.7 million in the prior-year quarter.
The decrease in reported net revenue was driven by more targeted e-commerce sales for Soylent due to strategic reductions in inefficient marketing spend resulting in unprofitable sales, as well as lower retail volumes due to a large retailer merging an entire set for ready-to-drink meal replacement category, officials said.
Revenue for the first nine months of 2024 ended Sept. 30 were stagnant at $46.5 million compared to last year’s $46.3 million for the same period.
“Our third quarter showed strong operational and financial progress, delivering positive Adjusted EBITDA and sequential margin improvement through effective cost management and expanded distribution channels,” said Starco Brands Chairman & CEO Ross Sklar. “Throughout 2024, we’ve focused on building a stronger operational foundation while gathering valuable market intelligence across our brand portfolio. This data-driven approach has provided clear insights into optimal channel strategies and retail partnerships, which will inform our expansion plans and appropriate marketing spend.”
Segment gross revenues for Skylar were $7.2 million for the third quarter of 2024, compared to $7.4 million in the prior-year quarter. Segment gross profit was $4.4 million for the third quarter of 2024, compared to $4.3 million in the prior-year quarter.
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