Oriflame announced a 5% decline in Euro sales, totaling $281.9 million, in the fourth quarter of 2022, and a 9% decline ($986.9 million) for the full year 2022. Latin America, Europe, Turkey and Africa all saw sales declines in both the fourth quarter as well as the full year, but Asia proved to be the most challenging market, with sales decreasing by 25% in the fourth quarter. The company expects an improvement as COVID restrictions lessen.
Adjusted EBITDA margin was 11.5% in 2022 with an adjusted net profit of $52.2 million. Adjusted cash flow (before financing activities) for the year reached $46.3 million, down from $76.5 million in 2021.
International expansion remains a priority for the company, with Germany operations launching in the fourth quarter. The company is continuing its strategic review of its assets in Russia, but due to uncertainty around Russian regulations could not provide a final decision or timeline for those measures.
