THE WHAT? Waldencast has announced its results for the third quarter of fiscal 2022. The wellness platform, which recently combined businesses with Obagi Global and Milk Makeup posted net sales of US$78.9 million.
THE DETAILS Due to the recent deal, the financials are not comparable to the prior-year period, but individually, the brands have posted their performance, with Obagi Skincare sales growing 3.2 percent to US$60.4 million and Milk Makeup recording net sales of US$18.5 million, up an impressive 41.7 percent yoy.
THE WHY? Michel Brousset, Waldencast Founder and CEO, explains, “We are pleased with our third quarter performance, which continued the positive momentum for our brands from the first half of the year, highlighted by increased sales and profitability. We are excited about our opportunities as we enter the final quarter of the year, and while cognizant of the broader macro-economic environment, the beauty category remains strong. In addition, our business and our brands continue to deliver strong growth and profitability, which is reflected in our reaffirmation of guidance. Our long-term ambition is to build a global best-in-class beauty and wellness multi-brand platform by scaling the next generation of high growth purpose driven brands. We look forward to delivering on this objective for the benefit of all Waldencast stakeholders.”