Hair care brand Olaplex beat Wall Street estimates in its latest round of earnings.
The Santa Barbara, Calif.-based company saw net sales increased 38.6 percent to $210.9 million in the second quarter, rising 41.3 percent in the U.S. and 35.2 percent internationally. This was almost $10 million more than analysts had been expecting.
Professional made up $105.5 million of sales, while specialty retail and direct to consumer came in at $64.2 million and $41.2 million, respectively.
Net income increased 77.7 percent and adjusted net income rose 35.5 percent. Diluted EPS were 13 cents for the second quarter 2022, as compared to 8 cents for the second quarter of 2021. Adjusted diluted EPS were 14 cents for the second quarter 2022, as compared to 11 cents for the second quarter 2021, narrowly beating Wall Street estimates.
JuE Wong, Olaplex’s president and chief executive officer, said: “We are pleased to announce another excellent quarter for Olaplex, as we continue to deliver industry top tier net sales growth and profit margins. Building on the strong momentum from the first half of the year, we are reaffirming our fiscal year 2022 guidance ranges. This reflects the successful execution of our strategy as we disrupt the prestige hair care market with science-based, patent-protected products that are designed to fix real hair problems from first use.”
Source: WWD