Oddity (ODD)Q1 Earnings 2024: Revenue Rose 28 Percent

What slowdown? 

Il Makiage and SpoiledChild proprietor Oddity blew by means of Wall Street forecasts within the first quarter of the yr and raised their full-year 2024 outlook regardless of considerations concerning the well being of the broader magnificence trade.

Net income was $212 million within the first three months of the yr, in comparison with $166 million in the identical interval final yr. Analysts polled by Factset forecast $205 million.

Net revenue was $33 million, up from $20 million within the first quarter of 2023. Adjusted diluted earnings per share have been 61 cents, in comparison with 37 cents a yr earlier, beating Wall Street forecasts for 47 cents.

The firm now expects web income to come back in between $626 million and $635 million, up from its earlier forecast of $620 million and $630 million. 

New manufacturers, numbers three and 4, will launch in 2025. While few particulars are recognized, one is anticipated to be a medical-grade pores and skin and physique care model focusing on points corresponding to eczema and zits.

“(*28*) delivered throughout all metrics and grew quickly towards the large and worthwhile 83 % income development we delivered within the first quarter of 2023. Despite market hypothesis about an trade slowdown, we haven’t seen any slowdown in our platform, not in new customers and never in current customers habits,” stated Oran Holtzman, Oddity cofounder and chief government officer.

In April, Ulta Beauty CEO Dave Kimbell warned that demand for magnificence typically had slowed by greater than he had anticipated. And this week, knowledge from Circana indicated that magnificence’s speedy development is beginning to sluggish.

“The magnificence trade has had unprecedented double-digit development year-over-year-over-year, particularly in status,” stated Larissa Jensen, Circana’s world magnificence trade adviser. “The expectation has at all times been that in some unspecified time in the future, the trade efficiency would soften. That’s what’s taking place.”


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