Olaplex Holdings, Inc. (NASDAQ: OLXP) has released its financial results for the fourth quarter and fiscal year ending December 31, 2024. The company reported a decrease in net sales of 9.8% for the fourth quarter, amounting to $100.7 million. The breakdown by channel shows that specialty retail increased by 5.7% to $28.8 million, while professional decreased by 27.1% to $31.0 million and direct-to-consumer decreased by 2.5% to $40.9 million.
Looking at the fiscal year 2024 compared to 2023, Olaplex reported a 7.8% decrease in net sales, amounting to $422.7 million. The breakdown by channel reveals that specialty retail increased by 5.4% to $142.3 million, while professional decreased by 19.3% to $145.3 million and direct-to-consumer decreased by 5.7% to $135.0 million.
The company's net income for the fourth quarter decreased by 162.4%, and adjusted net income decreased by 65.8%. The diluted earnings per share (EPS) stood at $(0.01) compared to $0.02 for the fourth quarter of 2023, while the adjusted diluted EPS was $0.01 compared to $0.03 for the same period last year.
For the fiscal year 2024, net income decreased by 68.3%, and adjusted net income decreased by 30.1%. The diluted EPS amounted to $0.03 compared to $0.09 for 2023, and the adjusted diluted EPS was $0.11 compared to $0.16 for 2023.
The adjusted gross profit margin for the fourth quarter decreased to 68.6% from 70.6% in the same period of 2023, while the adjusted SG&A increased by 13.0%. In the fiscal year 2024, the adjusted gross profit margin remained at 71.4%, whereas the adjusted SG&A increased by 11.2%.
These figures provide insight into Olaplex's performance and indicate notable changes in key financial metrics compared to the previous periods. Today the company's shares have moved 23.9% to a price of $1.71. Check out the company's full 8-K submission here.
