Cult hair care brand Olaplex’s shares slid as much as 25 percent in Tuesday morning trading after it cut forecasts as its second-quarter performance fell in need of Wall Street’s expectations, but offset a few of those losses later within the day.
The corporate, which went public through an initial public offering in 2021, is forecasting net sales within the range of $445 million to $465 million for fiscal-year 2023. That is roughly $144 million lower than its previous forecast.
JuE Wong, Olaplex’s president and chief executive officer, said: “We've got updated our assumptions for the rest of the yr and reduced our fiscal 2023 outlook. We're intently focused on stabilizing demand trends within the second half of 2023, while increasing and...
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