By Jorge Mercado Monday, August 12th, 2024

Montecito-based Olaplex saw revenue and earnings decrease year-over-year in the second quarter of 2024, but met analysts’ expectations.

Released Aug. 6, Olaplex noted revenue worth $103.9 million, a 4.8% decrease from the same quarter a year ago.

Similarly, net income fell to $5.7 million for the quarter ended June 30, a 6.1% decrease. Adjusted net income fell 11.1% from the second quarter of 2023 to $18.7 million or 3 cents per share.

Analysts expected sales of $103.6 million with earnings per share of 3 cents, according to MarketBeat.

Olaplex shares have remained flat since announcing its earnings with the stock closing at $1.85 on Aug. 9, down less than 1% since its financial results announcement.

There were some positive signs for Olaplex in the quarter.

For one, retail sales were back on the upswing, increasing 22.4% to $36.4 million. 

Professional and direct-to-consumer sales both fell, with the company reporting $33.4 million and $34.1 million in sales for those verticals, respectively.

“Our second quarter performance was in line with our expectations and demonstrated continued stabilization in the business,” Amanda Baldwin, Olaxplex’s CEO, said in a press release.

“I am encouraged by the progress we are making on our transformation journey as we delivered on our goals for the first half of the year and are now shifting our focus to the back half of 2024 and beyond. I am confident in the direction we are taking the brand and remain incredibly excited about the long-term growth potential for Olaplex.”

Baldwin took over as CEO of Olaplex in December 2023.

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