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Playboy Losses Jump To $8.9 Million In Quarter

Lingerie on the Playboy website.
Lingerie on the Playboy website.

(Filed Under wholesale Lingerie News). Playboy lost $8.915 million on sales of $49.851 million in its second quarter ended June 30, compared to a loss of $3.616 million on sales of $34.557 million in the same period last year.

As it announced the quarterly results, Playboy also said it had completed the previously announced acquisition of Honey Birdette, a chain of 60 lingerie shops, for $333 million, or almost 19 times net earnings of $17.6 million in the year ended June 30, 2021.

Playboy stated that the loss was “largely driven by $7.9 million of non-recurring expenses related to the acquisition of Honey Birdette, refinancing of debt, and amortization of a one-time non-cash inventory valuation step-up as part of the purchase accounting resulting from the acquisition of Lovers in March 2021.”

Playboy also boasted that “revenue grew 44% year-over-year, to $49.9 million, driven by growth in both direct-to-consumer and licensing revenues.” Not emphasized was that a large part of the second quarter revenue growth was not organic, but simply came from the addition of the sales from the 41 Lover’s stores, which became part of Playboy in early March, before the start of the second quarter. When it announce that deal it stated “Lovers is expected to contribute approximately $45 million of revenue over the next twelve months,” or an average of $11.25 million per quarter.

Playboy CEO Ben Kohn stated, “we are pleased to report another successful quarter that demonstrates the powerful combination of our growing direct-to-consumer business, an optimized licensing operation and scalable digital offerings. On the direct-to-consumer

side, we saw great traction on with expanded merchandise offerings and strategic influencer marketing. In addition, the second quarter marked continued strong performance in our licensing business and our entry into blockchain-powered offerings with our first NFT collection. We are also very excited by our acquisition of Honey Birdette, the fast-growing, luxury lingerie and lifestyle brand. We are eager to integrate Honey Birdette’s operations into our direct-to-consumer infrastructure and to help accelerate the high-end brand’s growth in new regions. The Honey Birdette team brings immense experience in product design, sourcing and direct-to-consumer strategies that will contribute to our work building the leading global pleasure and leisure lifestyle platform.” — NM

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Published 08-12-2021 by Nick Monjo

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