Olaplex plunges after slashing annual forecasts on weak demand

Olaplex Holdings

18/10/2022 22:09

** Shares of hair products maker Olaplex Holdings Inc
 OLPX.O  dive ~39% to $5.98 in extended trading 
    ** OLPX slashes its annual sales and profit forecasts,
blaming a slowdown in demand, increased discounts and a
moderation in customer acquisition amid inflation
    ** Sees fiscal 2022 net sales between $704 mln and $711 mln,
significantly lower than the $796 mln to $826 mln range
estimated previously
    ** Projects adjusted net income of $303 mln to $307 mln,
down from prior forecast of $363 mln to $379 mln
    ** OLPX also expects net sales of about $176.5 mln for Q3
ended Sept. 30, compared with analysts' avg. estimate of ~$209
mln, according to Refinitiv data 
    ** YTD, shares down ~66% 
 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))