Oriflame announced its financial results for the first half of 2024 and the quarter ending June 30, 2024. Sales during the first half of the year declined by 22% when compared to the previous year. Adjusted EBITDA during the six-month period was $13.95 million with an adjusted operating profit of $1.44 million.
Sales during the quarter were $164 million, a 19% decrease compared to the previous year’s quarter, with an adjusted EBITDA of $6.64 million.
Although there were some sequential improvements over previous quarters, the company cited negative impacts by macroeconomic and geopolitical challenges for the decline in sales results.
Notable events during and after the quarter reported include the shuttering of operations in Sri Lanka and the halting to operations in Belarus due to unsatisfactory performance and challenges. The company announced both entities will undergo liquidation.
Oriflame continues to expand, however, and launched new markets, announcing the start of sales in Malta, Luxembourg, Belgium, France, Italy and Austria, officially creating a sales presence in all EU markets.
The company ended the quarter with a cash balance of $86.6 million, up from $63.4 million at the start of the quarter, but down from $89.2 million at the end of 2023.
