Olaplex Plunges After Weak Demand Drives Guidance Cut
Olaplex sales for the quarter ended June 30 dropped by nearly half.
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Olaplex Holdings Inc. shares sank after the haircare company cut its full-year sales guidance amid weak demand and increased competition.
Olaplex now expects fiscal 2023 sales in a range of $445 million to $465 million, compared with prior guidance of $563 million to $634 million. The shares fell as much as 25% in Tuesday trading in New York, the most intraday since October of last year.