EBITDA during the third quarter saw a significant increase (50.8% growth) from Q3 2022, reaching $8.45 million. For the first nine months, EBITDA was $27.5 million, a 22.1% increase year over year. 

“The results for the first nine months of 2023 clearly show that our strategic initiatives are bearing fruit, both in terms of sales and profits,” said Valdemaras Gordinskis, LR Group Vice President Global Controlling and Investor Relations. “During the summer months of this year, we supported the sales activities of our partners in selected markets with our ‘Crazy Summer’ campaign. And our innovative products also play a major role in driving the dynamic business development. The launch of our premium health product Mind Master Gold, for instance, has already generated strong demand for subscriptions.” 

The post LR Group Q3 2023 Sales Remain Stable at $70 Million  first appeared on Direct Selling News.

With this new momentum, the company announced that it plans to enter the UK market in the third quarter of this year. LR Global is already present in 28 countries and expects that this expansion into England, Wales, Scotland and Northern Ireland will represent favorable market growth opportunities with access to the four countries’ population of approximately 70 million people. 

“We’re pleased that the targeted promotion of our partners’ career development is paying off and that LR is back on track for growth in the first quarter of 2023,” said Dr. Andreas Laabs, Chief Executive Officer of LR Health & Beauty SE. “This gives us the momentum to drive the expansion into new markets. With our market entry in the UK, we’re taking the next step in opening up this attractive growth market for LR. Given the excellent market conditions and entrepreneurial culture, we see great opportunities in the UK for the distribution of our health and care products. At the same time, the market entry in the UK enables our partners to successfully grow their careers. On the back of our strong partner community as well as our high-quality products ‘Made in Germany’, we’re positive that LR will do very well here.” 

The post LR Global Sees 5% Year-Over-Year Sales Growth in Q1 2023  first appeared on Direct Selling News.

CEO Dr. Andreas Laabs pointed to fourth quarter results and an expansion of the company’s management team in saying the company was “very well equipped for the current financial year.” 

For the year, LR Group reached $285.3 million in 2022 sales with an EBITDA of $38.4 million.  

“Business has noticeably picked up again in the second half of the year, and LR succeeded in almost returning to the exceptionally strong sales level reached in the year before,” said Valdemaras Gordinskis, LR Group Vice President Global Controlling and Investor Relations. “Given the high uncertainty in the macroeconomic environment worldwide and the resulting uncertainty with regard to the future business development, LR had considered an adjustment of the financial covenants for the 2021/2025 bond issued by LR Global Holding in August. However, based on the strong performance in the third and fourth quarters, this is no longer deemed necessary at the moment.” 

The post LR Group Sees Continued Sales Growth in Q4 2022  first appeared on Direct Selling News.

EBITDA for 2021 was up over the previous year to EUR 41.6 million and the company met its fiscal 2021 guidance. 

“We successfully continued our positive business development in 2021 and achieved new record sales despite the challenging market conditions,” said Dr. Andreas Laabs, CFO and COO of LR Global Holding GmbH. “Thanks to the early restocking of our inventories, we were able to meet the demand for our products in the final quarter as usual. Christmas business was very good overall and also raised more than EUR 105,000 for the LR Global Kids Fund as part of our charity commitment. Nevertheless, at the beginning of 2022, we see a continued tense situation on the global procurement market and the trend of rising costs for raw materials and energy. In the course of strict cost and resource management, we will focus our attention on maneuvering the LR Group through these difficult waters in the best possible way.” 

LR Group began its efforts to tap into the Asian market in 2021 with a launch in South Korea, and also expanded its product categories with new fragrance blends and a new fitness brand. 

“In the year under review, we made further progress in creating the structures for the future growth of the LR Group and strengthening our capital market capability,” said Dr. Laabs. “On the one hand, LR Health & Beauty SE was established as the new parent company of the LR Group. Secondly, the shareholder transferred the shareholder loans as a contribution to the free capital reserve of LR Global Holding GmbH in November. As a result of this reclassification, the equity capitalization has improved significantly as of the reporting date.” 

The post LR Group Reaches New Sales Record in 2021 first appeared on Direct Selling News.

The Swedish Financial Supervisory Authority has approved the company’s listing prospectus, and the company will now submit its admission application. LR Global Holding’s first trading day on Nasdaq Stockholm is expected to take place later this week. 

The post LR Global Holding Applies for Admission to Nasdaq Stockholm first appeared on Direct Selling News.