PLBY Group

May 11, 2022

PLBY Group (NASDAQ: PLBY ) is up 11% in premarket trading, Wednesday, after reporting first quarter earnings results. Revenue grew 63% year-over-year to $69.4M. Direct-to-consumer revenue grew 125% Y/Y to $49.6M. Honey Birdette achieved over $22M of revenue in the quarter, driven by 23% growth in e-commerce and 11% growth in brick and mortar. Licensing revenue declined $1.1M to $14.5M. CFO Lance Barton said that the company's product line continues to expand to meet consumer demand as in Q1 2022 Playboy saw more than 120% increase in unique SKUs sold Y/Y. Net income in the first quarter was $5.5M and adjusted EBITDA was $1.2M. Reaffirms Outlook: In the earnings conference call , the company said it continues to expect FY 2022 revenue to be ~$350M and adjusted EBITDA to be around $55M. "We believe that we are well on our way to achieving our stated goal of $600 million of consumer product revenue by 2025, and as we start to see results from the Centerfold business, we look forward to when we can raise the long-term outlook accordingly, for Centerfold revenue contribution," added Barton. On Mar. 21, 2022, Seeking Alpha Quant Rating released a warning on PLBY at the high risk of performing badly , citing decelerating momentum and inferior profitability when compared to other consumer discretionary stocks. Since then, the stock has lost about 47% . To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.