Oriflame USA
October 24, 2023
Oriflame reported third-quarter 2023 sales of 161.7 million euros, down 26 percent from 220.0 million euros a year earlier and down 15 percent in local currencies, in results presented to investors on October 24, 2023 by Chief Executive Anna Malmhake and Chief Financial Officer Carl Rogberg. The average number of members fell 19 percent to 1.6 million, though local-currency productivity rose 6 percent.
Adjusted EBITDA dropped to 4.1 million euros from 24.7 million euros, cutting the margin to 2.5 percent from 11.2 percent. Every region declined in euros; Asia fell 36 percent, Europe and CIS 28 percent and Latin America 9 percent, while Türkiye and Africa fell 27 percent in euros but rose 1 percent in local currency. The company closed its operations in Ghana during the quarter because of weak development.
Oriflame said it was executing a major business transformation program with a slimmer structure, targeting about 35 million euros in people-cost savings and 10 million euros in net indirect spending savings, and booked 22.7 million euros of non-recurring restructuring costs in the quarter. Adjusted cash flow before financing was negative 13.9 million euros. Oriflame sells beauty and wellness products through independent brand partners worldwide.