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Oddity Tech enjoyed another sales jump in the third quarter ended Sept. 30.
The company, which owns Il Makiage and SpoiledChild, saw net revenue come in at $119 million, compared to $94 million a year earlier and beating Wall Street forecasts for $116 million. Net income was $18 million, up from $3.8 million in the third quarter of 2023.
“We are pleased with our financial results for the third quarter, which beat our guidance across revenue, gross margin, adjusted EBITDA [earnings before interest, taxes, depreciation and amortization], and adjusted diluted EPS [earnings per share],” said Lindsay Drucker Mann, Oddity Global CFO. “Our excellent Q324 and year-to-date results, combined with a strong start to Q4 and our sustained high repeat rates allow us to once again raise our full-year 2024 financial outlook across all metrics.”
In particular, net revenue is now expected to come in between $642 million and $644 million, representing year-over-year growth between 26 percent and 27 percent.
Oran Holtzman, cofounder and CEO at Oddity, added: “The strength and resilience of our direct-to-consumer model is on full display in this market backdrop, where some of our competitors are experiencing slowing sales, weaker foot traffic, and excess inventory conditions. In contrast, we are consistently delivering strong, profitable growth across brands, products, and categories in every environment.”
New brands, numbers three and four, will launch in 2025. While few details are known, one is expected to be a medical-grade skin and body care brand targeting issues such as eczema and acne.
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