Reports Q4 revenue $3.23B vs. $2.18B a year ago. CEO Luis Campos said, "We ended 2022 proud of our significant accomplishments during the period and confident in our Group’s prospects for the future. During the year, we successfully completed the acquisition of Jafra’s operations in Mexico and the US, along with Jafra’s trademark rights worldwide…For Betterware, 2022 was extremely challenging due to adverse macroeconomic conditions and a steeper-than-expected decline in our network of associates and distributors in the aftermath of the pandemic, following the extraordinary growth of 2020 and the first half of 2021. During the period, we focused on stabilizing our network; we are proud of the progress so far, especially during the second half of the year, which led us to finish 2022 with sales and sales network two times the size of our pre-pandemic level, 2019. Yet, we recognize there is plenty of room to improve our incorporation and retention rates, and we are taking the necessary actions that should result in the return to growth in our distribution base and, consequently, in our net revenue. In addition to implementing activities to increase revenues, during the second half of the year, we restructured the company’s operating expenses, which allowed us to end 2022 with a lower cost structure that is better aligned our expectation for 2023 revenues…We intend to leverage the acquisition of JAFRA to bring Betterware to the US by the end of 2023. Central America is also a natural expansion opportunity for our Group, and we will be working this year to enter the region in 2024. We will go to South America until 2025, starting with Colombia and Peru. While the macro-economic environment remains challenging and uncertain worldwide, we are confident that the initiatives we are implementing in Betterware and Jafra will result in near and long-term revenue growth, increased profitability, and value creation to our shareholders".
Published first on TheFly
