THE WHAT? Olaplex Holdings has announced its results for the third quarter of fiscal 2023. The hair care company saw sales plummet 30 percent to US$123.6 million and income nosedive from Q3 2022’s US$60.8 million to US$20.4 million.

THE DETAILS By channel, Professional delivered net sales of US$48.3 million, down 23.3 percent on the prior year period; Specialty Retail dropped 41.8 percent to US$43.2 million and DTC fell 18.2 percent to US$32.1 million.

THE WHY? The company said it experienced a continued lower level of demand for its products versus the same period in 2022. J.P. Bilbrey, the Company’s interim Chief Executive Officer, said, “Our third quarter results and the encouraging early indicators from our increased investments support our belief that we are making solid progress towards stabilizing our sales trend in the second half of 2023. We remain excited about the untapped opportunities ahead of OLAPLEX and are implementing changes that we believe will position the brand for long-term profitable growth.”