Olaplex has announced its third quarter results for 2023, which showed net sales were $123.6 million, a decline of 30% compared to the previous year.
Gross profit was $83.5 million, as compared to $129, million in the previous year.
Net income was $20.4 million, as compared to $60.8 million in the previous year.
Net sales decreased 30.9% in the United States and 29.0% internationally.
Nine Months Results
Net sales were $346.6 million, as compared to $573.5 million in the previous year.
Gross profit was $214.85, as compared to $427.5 million in the previous year.
Updated Fiscal 2023 Guidance
Olaplex has updated its fiscal year 2023 guidance with net sales between $450-460 million.
J.P. Bilbrey, the company's interim CEO, said, "Our third quarter results and the encouraging early indicators from our increased investments support our belief that we are making solid progress towards stabilizing our sales trend in the second half of 2023. 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."