Olaplex (NASDAQ:OLPX) shares fell more than 17% in early Tuesday trade after the company reported second-quarter results that missed analyst expectations.
Olaplex reported second quarter EPS of $0.03 on revenue of $109.2 million, missing the analyst consensus for a profit per share of $0.05 on revenue of $131.2M.
JuE Wong, OLAPLEX’s President and Chief Executive Officer, stated: “Our second quarter performance was below our expectations as our Professional and Specialty Retail channels experienced slower demand and some customers right sized their inventory positions in response to current trends.”
“As such, we have updated our assumptions for the remainder of the year and reduced our fiscal 2023 outlook. We are intently focused on stabilizing demand trends in the second half of 2023 while increasing and optimizing the mix of our marketing investments in support of this objective. As an industry-leading brand backed by science and technology, we remain confident in our long-term opportunities.”
The company now sees full-year net sales in the range of $445-465M, way below the previously expected range of $563-634M and the consensus of $571.8M. The adjusted EBITDA is expected in the range of $161-176M, worse than the previous guidance of $261-322M.