Vaughan, Ontario-based personal care company MAV Beauty Brands Inc. has announced a significant increase in net income for the third quarter of 2020. The company reported a 21% rise in net income, reaching $3.6 million, compared to $2.9 million during the same period last year. Earnings per share also experienced growth, increasing from $0.08 to $0.10 for the third quarter.

In the three months leading up to September 30, 2020, MAV Beauty Brands generated a total revenue of $31.7 million, marking a 12% increase compared to $28.4 million in the previous year. This growth can be attributed to the company’s acquisition of The Mane Choice, which MAV purchased in November 2019. In addition, the company’s e-commerce channel performed exceptionally well, with sales more than doubling compared to the previous year.

Despite the ongoing challenges presented by the Covid-19 pandemic, which led to reduced retail foot traffic and promotional activity, North America saw a notable 15% increase in revenues for MAV Beauty Brands. This region accounts for approximately 95% of the company’s total sales.

Tim Bunch, the President and CEO of MAV Beauty Brands, expressed satisfaction with the company’s performance in 2020, considering the difficult operating environment. Bunch credited the strong results to the efforts of the team and the resilience of MAV’s diversified brand portfolio across various consumer segments and channels.

During the nine-month period leading up to Q3 2020, MAV Beauty Brands reported a 19% increase in revenue, totaling $92.8 million, compared to $77.7 million during the same period the previous year. Net income for the first three quarters amounted to $6.4 million, representing a 21.6% increase from $5.3 million in the previous year. Earnings per share rose from $0.14 to $0.17.

Currently, MAV Beauty Brands’ products are available in over 30 countries and are sold by more than 100 of the world’s largest retailers.

For more information, visit MAV Beauty Brands Inc. and The Mane Choice.