Wellness and beauty retailer BWX has revised its FY23 full-year financials after sales dipped in its December half.
The group owns brands including Sukin, Nourished Life, Flora & Fauna, Go-To, Andalou Naturals and Mineral Fusion.
In a trading update, the company says sales were “significantly below” internal targets at just $38.1 million while ongoing cash constraints have challenged the company’s ability to maintain inventory levels. That has led to out-of-stock issues across several brands, affecting sales in its Asia Pacific and through its digital businesses (Nourished Life and Flora & Fauna).
Based on the current data, sales revenue has been revised down from around $220 million to between $170 million and $190 million while EBITDA for the fiscal year is also lowered from up to $30 million to between $10 million and $15 million.
In January this year, the company obtained registration approval from China’s National Medical Products Administration (NMPA) for 12 Sukin-branded skincare products which can now be sold through wholesale and retail channels in China during the next financial year. The initiative is expected to generate $15 million in revenue by FY26.
Last year, the company’s Flora & Fauna brand fell victim to a cyber-attack that may have resulted in 2500 customers’ credit card numbers and expiry dates being shared with an unauthorised third party.
