Olaplex Announces Q2 Earnings as Shares Climb to Almost 20% Today
Today the cosmetic and haircare company Olaplex (OLPX) traded up almost 20% and led the PRISM Consumer Products Index after announcing its second quarter financial results. EPS and revenue came inline with expectations. Its overall sales declined for a second quarter but its specialty retail was a bright spot reporting $36.4M in revenue vs consensus of $28.6M.
“We are on a journey to build a world-class brand and a business that is well-positioned for long-term success,” Amanda Baldwin, Olaplex’s chief executive officer, said. “While we know that this journey will take some time and that the path to creating a global and enduring brand is not always linear, we remain on track with the expectations we set, delivering on our goals for the first half of the year and now shifting our focus in the back half of 2024 to executing on our product launches and key holiday period along with continued planning for 2025 and beyond.”
On the company’s conference call management cited that consumer perception studies have confirmed strong brand equity and interest in OLAPLEX innovations, they’ve observed stabilization in consumer demand across channels, with inventory rebalancing driving retail upticks and that its new product launches emphasize professional education and have developed a unique bond shaping technology for salons.
