Playboy Earns $460K In Q3

Santa dances with lingerie models on Honey Birdette website.

As Playboy announced a small Q3 profit, it revealed that it had closed seven of its Honey Birdette stores during the past year. And it reported that its overall direct-to-consumer revenue, much of which comes from Honey Birdette, had declined slightly to $16.4 million. DTC revenue in the same quarter in 2024 was $16.6 million with latest decrease due to “a continued focus on full-price products” and “$0.4 million in Q3 2024 that did not recur due to the closing” of the Honey Birdette locations. It added that “Honey Birdette gross margins increased from 54% to 61%. Comparable store sales were up 22% and full price sales were up 15%.”

When Playboy acquired Honey Birdette in 2021, the chain had a total of 60 stores: 50 in Australia, seven in the U.S. and three in the U.K. According to the company website in mid-November the total is now 55: 42 in Australia, 10 in the U.S. and three in the UK.

Company wide, Playboy earned $460,000 on net revenue of $28.994 million in the third quarter, compared to a loss of $33.755 million on sales of $29.438 million in the same period last year. CEO Ben Kohn celebrated the change in Playboy’s fortunes: “the third quarter marks our third consecutive quarter of growing adjusted EBITDA and further demonstrates the potential of our high-margin, asset-light model.”

Yet, while Playboy announced plans earlier this year to keep and expand Honey Birdette, CEO Ben Kohn did not include the brand when listing his current priorities for growth. “With a healthier balance sheet, and a stable foundation now in place, we are focused on reigniting growth. Our strategy centers on three high-potential verticals: licensing, media and experiences, and hospitality. Each is designed to expand Playboy’s global reach while generating recurring, high-margin revenue. The momentum we are seeing across initiatives like The Great Playmate Search, the re-launch of our magazine, and the planned Miami Beach membership club, all highlight the strength and versatility of the Playboy brand. We remain highly optimistic about the opportunities ahead for Playboy.”