Olaplex shares dive on dismal 2024 sales outlook

Olaplex Holdings

29/02/2024 13:17

** Shares of hair care brand Olaplex  OLPX.O  fall ~8% to
$1.78 premarket 
    ** OLPX projects annual net sales below Wall Street
expectations as demand for its premium shampoo and hair
treatment products dwindle 
    ** Co sees 2024 net sales between $435 mln and $463 mln,
well below analysts' avg estimate of nearly $477 mln, according
to LSEG data
    ** OLPX says it is working towards stabilizing its demand
trend
    ** Co's Q4 net sales fall 14.5% to $111.7 mln, with revenues
from all three channels - professional, direct-to-consumer and
specialty retail - posting declines; sales in U.S. plunge ~28%
    ** OLPX posts adj. EPS of 3 cents for Q4, in line with
estimates 
    ** OLPX shares shed about 51% of their value last year;
stock down ~24% YTD through last close 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))