Oddity Boosts Sales Forecast Following Q3, 9-Month 2023 Results

Net revenue for fiscal year 2023 is projected to be between $493 million and $497 million, above the company's prior expectation of $475-480 million.
Net revenue for fiscal year 2023 is projected to be between $493 million and $497 million, above the company's prior expectation of $475-480 million.

Oddity released its third quarter 2023 results, which showed net revenue was $94 million, compared to $69 million in the previous year.

Gross profit was $66 million, compared to $47 million in the previous year.

Net income was $3.8 million, compared to $2.8 million in the previous year.

Adjusted net income was $13.0 million, compared to $3.9 million in the previous year.

9-Month Results

Net revenue was $411.44 million, compared to $256.0 million in the previous year.

Gross profit was $290.7 million, compared to $173.9 million in the previous year.

Net income was $53.4 million, compared to $22.4 million in the previous year.

2023 Outlook

Net revenue is projected to be between $493 million and $497 million, above the company's prior expectation of $475-480 million.

Oran Holtzman, Oddity co-founder and CEO, said, "Our third quarter is our best third quarter ever, exceeding our guidance. We delivered net revenue growth of 60% and adjusted EBITDA of $91 million in the first nine months of 2023, and are increasing our sales and profit outlook for the full year. We continue to deliver excellent growth and profitability for IL Makiage and SpoiledChild, while building powerful engines to scale our business and expand our lead in 2024 and beyond. Our business continues to fire on all cylinders and is the strongest it has ever been. Our large investments in technology and data capabilities over the past five years are enabling us to continue to grow fast without damaging our high margins and strong profitability."

More in News