Oriflame released its interim management statement for the first three quarters of the year, ending September 30, 2023. During the first nine months of the year, the company saw a 17% decrease in Euro sales to $585.2 million. Adjusted EBITDA during this time was $34.7 million.
Euro sales during the three months ending September 30, 2023 were down by 26% to $171.4 million with an adjusted EBITDA of $4.35 million.
The company’s previously announced comprehensive cost and efficiency program, enacted to increase profitability and secure long-term growth, is still in process and hopes to deliver an annual cost savings of approximately $47 million once complete. The company also launched a new operating and organizational platform to replace its existing regional management structure. The goal for this endeavor is to allow quicker, nimbler decision making that is built on market categorization and based on each market’s conditions and category needs.
