May 2024

Olaplex’s financial woes continued into the primary quarter. Net sales on the beleaguered hair care company fell 13.1 percent to $98.9 million within the quarter ending March 31. By channel, sales within the skilled channel fell 19.9 percent to $38.7 million; specialty retail slid 1.2 percent to $34.4 million, and direct-to-consumer dropped 15.7 percent to $25.7 million. Within the U.S., sales rose 2.5 percent, while the international business slid 24.3 percent. Net income plummeted 63.1 percent and adjusted net income decreased 34.4 percent. Diluted earnings per share fell to 1 cent, while adjusted diluted EPS dropped to three cents. Olaplex is maintaining its guidance for fiscal 2024, anticipating between $435 million and $463 million in net sales.  The corporate’s share price increased 17.14 percent to $1.64 at market...