Oriflame Revenue And Profit 2023 In A Free Fall

According to Oriflame:

“Founded in 1967, Oriflame is a social selling beauty company with sales in more than 60 countries. Its portfolio of Swedish, nature-inspired, innovative beauty products is marketed through more than two million members, generating annual sales of almost one billion Euro (2022).”

Oriflame revenue is down 17% in the first 9 months of 2023, and the last 3 months of 2023 the revenue fall is even more 26%. The company loss is €-62.2m. Im May former CEO Magnus Brännström has stepped down after 18 years in that role and has been replaced by Anna Malmhake.

According to a recent press release Oriflame revenue is in a free fall. 20% of the corporate positions will be “affected.” An other press release stated:

Oriflame launched a comprehensive cost and efficiency program to increase profitability and secure long-term growth, while at the same time ensuring continued strategic investments in product and market development.

The program aims to deliver annual cost savings of approximately €45m once fully completed and will affect around 20 percent of the number of positions in the company across all levels and geographies.

Nine months ended 30 September 2023

• Euro sales decreased by 17% to €551.9m (€661.0m) and local currency sales by 11%.
• The adjusted net profit was €-62.2m (€31.1m).

Three months ended 30 September 2023

• Euro sales decreased by 26% to €161.7m (€220.0m) and local currency sales by 15%.
• The adjusted net profit was €-54.2m (€5.2m).