Vaughan, Ontario-based personal care group MAV Beauty Brands Inc. announced third-quarter net income of $3.6 million on Friday, a 21% increase compared to the $2.9 million reported by the company in the prior-year period. Quarterly earnings per share were $0.10, up from $0.08.In the third quarter ended September 30, 2020, the company, which owns the Marc Anthony True Professional, Renpure, Cake Beauty, and The Mane Choice brands, reported total revenues of $31.7 million. This represented a 12% increase compared to revenues of $28.4 million in the same period in the previous year.
This growth reflected the contribution of The Mane Choice, acquired by MAV in November of last year, as well as progress in the company’s e-commerce channel, which saw its sales more than double year over year. Over the course of the quarter, the group continued to face considerable headwinds related to the Covid-19 pandemic, which led to reductions in retail foot traffic and promotional activity at key retail partners.
MAV’s revenues in North America, a region which accounts for around 95% of the company’s total sales, increased 15% to $30.0 million.
“We are pleased to report another quarter of strong results in 2020, particularly in light of the extraordinary operating environment,” said MAV Beauty Brands president and CEO Tim Bunch in a release.
“The third-quarter results add to our strong year-to-date performance across these key financial measures. This speaks to the great efforts of our team and the resilience of the platform, which is increasingly diversified across brands, consumers, segments, and channels,” he added.
Year to date, MAV’s revenue grew 19% to $92.8 million, up from $77.7 million in the same nine-month period in the previous fiscal year. Net income for the first three quarters totaled $6.4 million, up 21.6% year over year from $5.3 million. Earnings per share were $0.17, compared to $0.14 in the prior-year period.
Products from MAV’s brands are currently sold in more than 30 countries around the globe, in more than 100 of the world’s largest retailers.