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Playboy Reports Q2 Loss As Sales Decline

(Filed Under Financial and General Interest News). Playboy reported a loss of $133.883 million on net revenue of $35.101 million in the three months ended June 30, compared to a loss of $8.315 million on revenue of $47.881 million in the second quarter last year.

Playboy noted that “the decline in revenue was primarily attributable to lower revenue from the company’s licensing and direct-to-consumer business segments, as well as sale of the company’s Yandy business in April 2023.” It continued that “of the $12.8 million decline in revenue, $5.6 million was attributable to licensing, $4.1 million was attributable to Honey Birdette, and $3.3 million was attributable to consumer products, partially offset by a $0.2 million increase attributable to the company’s digital and other segments.”

Playboy explained that the sizable loss the loss was “largely driven by non-cash asset impairments related to the write-down of goodwill, trademarks and other assets of $148.2 million.”

Earlier this year the company had announced it was “exploring strategic alternatives for Lovers and Honey Birdette,” and in mid August revealed “we received multiple offers for Lovers, and continue to pursue its sale. Given how far along we are in the sale process, we are no longer reporting Lovers in the direct-to-consumer segment and have moved its results to discontinued operations.”

Playboy added, “our second quarter financial results reflect ongoing challenges in the direct-to-consumer space. Honey Birdette continues to face macroeconomic headwinds, especially in Australia. The China economy continues to be weak from a consumer spending perspective, and the geopolitical situation is challenging, which makes collecting money from China more difficult. For example, a licensee which owed us $3.8 million by the end of the second quarter has only paid us $2.6 million, to date.”

more Financial and General Interest News >>

Published 08-27-2023 by -

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