Olaplex (US:OLPX)2023-11-07 18:09Financial Performance - Q3 2023 net sales decreased by 30% year-over-year, aligning with a 28% sell-out trend in key accounts[8] - Net income for Q3 2023 was $204 million, compared to $61 million in Q3 2022[55] - Adjusted EBITDA for Q3 2023 was $52 million, with an adjusted EBITDA margin of 417%, compared to $102 million and 578% respectively in Q3 2022[55] - Adjusted net income for the quarter was $33 million, or $005 per diluted share, compared to $73 million, or $011 per diluted share, in the prior year[93] - Gross profit margin decreased to 697% compared to 751% in the same quarter of the previous year[39] - Adjusted gross profit margin was 676% versus 736%[83] - SG&A expenses increased to $364 million from $308 million[109] Sales Channel Performance - Professional net sales decreased by 418%[81] - Specialty Retail net sales decreased by 290%[81] - Direct-to-Consumer net sales decreased by 233%[108] - International sales decreased by 309%[108] - US sales decreased by 182%[36] Strategic Initiatives - The company is shifting more investment into top-performing content and channels from the 'Strength Starts Inside' campaign[9] - The company is increasing investments in sales and marketing, with an expected spend of $80-82 million in FY23[78] - The company is focused on managing its omni-channel strategy and reasserting its position with professional partners[6]