Il Makiage and SpoiledChild owner Oddity has posted Q1 net revenue of $212 million, up 28% year-over-year.
Looking ahead, the company expects to generate more than 20% revenue growth and more than 20% adjusted EBITDA margin for full-year fiscal 2024. This includes a net revenue range of $626-635 million.
“We delivered our most important quarter of the year with outstanding revenue growth and profitability,” said Oran Holtzman, Oddity co-founder and CEO. “We delivered across all metrics and grew rapidly against the huge and profitable 83% revenue growth we delivered in the first quarter of 2023. Despite market speculation about an industry slowdown, we haven’t seen any slowdown in our platform, not in new users and not in existing users behavior.”
Holtzman continued, “Our platform enables our brands to sustain high and profitable growth at large scale across categories, with strong repeat rates and customer satisfaction. These results allow us to raise our full year outlook and also to continue to invest aggressively in our future. Based on what we see out there, we believe we will remain years ahead of our competitors, and take significant market share of online.”
"We are pleased with our financial results for the first quarter, which beat our guidance across revenue, gross margin, adjusted EBITDA, and adjusted EPS,” said Lindsay Drucker Mann, Oddity global CFO. “Our excellent Q124 results, combined with a strong start to Q2 and our continued high repeat rates, allow us to continue our investments in future growth initiatives and raise our full year outlook.”
