By Jarrett Banks
Hair-care products company Olaplex Holdings, Inc. (Nasdaq: OLPX) said sales increased last year on strong domestic and international demand.
Net sales increased 17.7% to $704.3 million in 2022, including a 15.4% increase in the U.S. and a 20.9% gain internationally, it said.
The company expects net revenue to be between $563 million and $634 million in 2023, it said, adding it expects 2023 adjusted net income between $176 million and $224 million.
“We are focused on increasing investments in sales, marketing and education, while continuing to bring to market efficacious products that professionals and consumers love and trust,” Olaplex President and CEO JuE Wong said. “We believe the actions we are taking along with our strength in product technology, R&D and community, combined with our strong cash flow generation, will enable us to increase our leadership position in prestige haircare and return the business to growth in the future.”
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