PLBY Group narrows losses, revenues decline

PLBY Group reported fourth quarter revenue of 39.4 million dollars, a decrease of 12 percent. Revenue for the year ended 2023 was 143 million dollars, down 23 percent.

Net loss was 9.6 million dollars and the adjusted EBITDA was 1.1 million dollars, while total net loss contracted to 3.8 million dollars.

Full year net loss was 186.4 million dollars, while adjusted EBITDA loss from continuing operations was 7.3 million dollars and total net loss was 180.4 million dollars. . “In 2023, we worked on five main goals. First, restructure the company and move to a capital-light business model; second, reduce overhead; third, stabilise and reposition Honey Birdette back to a premium brand; fourth, move our China business to a JV model with better accountability and control; and fifth, grow our creator platform, the Playboy Club. We made major progress on all five goals in 2023,” said Ben Kohn, chief executive officer of PLBY Group.

The company’s direct-to-consumer revenue declined 4.3 million dollars or 18 percent to 20.4 million dollars in the fourth quarter. Revenues from Playboy.com e-commerce declined by 6.8 million dollars, while revenue from Honey Birdette increased by 2.5 million dollars or 14 percent to 20.4 million dollars.

In 2023, direct-to-consumer revenue declined 26 percent to 78 million dollars with revenues from Playboy.com e-commerce declining by 16.6 million dollars and revenue from Honey Birdette decreasing by 10.7 million dollars or 13 percent to 72.9 million dollars.

The company added that licensing revenue decreased 14 percent to 13.4 million dollars, largely attributable to the poor financial performance of China licensees and the resulting non-payment of minimum guarantees.

Licensing revenue decreased 27 percent in 2023 to 44.3 million dollars.

Digital subscriptions and content revenue was up 22 percent to 5.6 million dollars in the fourth quarter and 10 percent to 20.7 million dollars in 2023.