Australian lingerie brand Honey Birdette has continued its sales growth into the second quarter of 2026, with a double-digit percentage lift in comparable store sales.
According to the brand’s US owner Playboy Inc., Honey Birdette drove an 18.2 per cent year-over-year sales growth in the second quarter, with gross margin hitting 65.1 per cent. Margins have been booming over the last year as the brand focuses on full-price and limiting discounting.
In the first quarter, Honey Birdette’s gross margin was at 57 per cent, with the brand’s margin in the fourth quarter of 2025 hitting a peak of 77.8 per cent.
Alongside the total sales uplift, the lingerie brand also saw a 15 per cent lift in comparable store sales, with Playboy adding comp sales grew in all regions and through all channels.
Honey Birdette manages around 48 stores across Australia, the United States and the United Kingdom, with 35 of these in Australia alone.
Honey Birdette’s sales jump in the second quarter added to an overall revenue lift for Playboy, with group sales up 11 per cent to US$31.2 million (~A$44.2 million). Within that, direct-to-consumer revenue – consisting of Honey Birdette – hit US$19.5 million, with the 18.2 per cent increase driven by “stronger than expected” growth online and in-stores.
Playboy Inc. also saw a return to net positive income, accruing US$200,000 compared to the loss of US$7.7 million seen in the second quarter of 2025.
Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation doubled to US$7 million.
Playboy CEO Ben Kohn said the group reported its sixth consecutive quarter of positive adjusted EBITDA, and continued revenue growth.
“Our brand engine continues to gain momentum,” Kohn said, speaking on the Playboy brand which it runs as a license business. “Following our sold-out Spring 2026 issue starring Karol G, we revealed Cara Delevingne as our Summer 2026 cover star, and another paid-voting contest, in collaboration with Honey Birdette, attracted nearly 50,000 contestants, nearly three times our prior contest.
“Our licensing foundation remains highly predictable, anchored by contractual guarantees and more than $320 million in unrecognized future licensing revenue, while Honey Birdette continues to grow with strong gross margins.”
Kohn also mentioned Playboy’s inclusion in the Russell 2000 and Russell 3000 indexes at the end of June, both of which are capitalisation-weighted stock market indexes. He said this reflects the meaningful progress made in strengthening the business operations and balance sheet.
“With a clear path to further debt reduction and a content engine that keeps Playboy at the center of culture, we are executing from a position of strength as we work to deliver sustainable, long-term value for my fellow stockholders.”
Playboy’s total cash on hand was US$37.1 million at the end of June 30, 2026.