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Good morning, ladies and gentlemen, and welcome to the MAV Beauty Brands Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] This call is being recorded today, March 31, 2023. I would now like to turn the conference over to Craig Armitage, Investor Relations. Please go ahead, sir.
Thank you, Michelle, and good morning, everyone. Thanks for joining us today. Just a quick note before we get started that our remarks may provide certain information regarding our expectations, future plans and intentions that may constitute forward-looking statements. I would refer you to the most recently filed MD&A and the AIF for the year ended December 31, 2022, which we filed last night -- or this morning, excuse me. Those are available on SEDAR and on our website.
These documents include a summary of the significant assumptions underlying these forward-looking statements and certain risks that could affect the company's performance and the ability to deliver on these forward-looking statements. As well, the earnings release, financial statements and MD&A are on the IR section of the website. We also do refer to credit agreement during today's call, which you'll find on SEDAR. And lastly, highlighting the financial discussion today, we generally compare Q4 2022 results versus Q4 2021, and full year 2022 versus 2021, unless otherwise stated. With that, I'll turn it over to Serge.
Thank you, Craig. Good morning, and welcome to MAV Beauty Brands Fourth Quarter Conference Call. I'm joined by Laurel Mackay-Lee, our CFO. Before we get into the operational results, I would like to first mention 2 important developments we disclosed in today's results. First, in light of recent performance trends and challenging conditions in capital and credit markets more generally, we entered into the amendment to our credit facility as of March 30, 2023, which extends the maturity date to July 2024, in addition to multiple other changes that are outlined both in the press release and MD&A.
This credit agreement has been filed with SEDAR. In light of that, we it will not prove all the changes to the agreements in my remarks, but we'd be happy to answer questions where we can. Secondly, MAV Board of Directors has initiated a strategic review process to identify, review and evaluate potential strategic alternatives that may be available to the company. The Board has engaged Piper Sandler as its financial advisor to assist with this process. There are additional details in the filings.
Turning to the operational and financial updates. Q4 sales were down 17% year-over-year to $22.1 million and for the full year, sales was decreased by 15%. The performance of our largest brand and continued e-commerce growth were not enough to offset meaningful declines in two of our other brands. Our sales results reflect the continuing impact of distribution losses and broader macroeconomic challenges. As we look ahead to 2023, we're experiencing further distribution losses.
To improve our sales results, we're executing on detailed plans for each of the brands, though these efforts will take time to give results. Concurrently, we will continue to progress on our operational improvement plan and on current cost saving initiatives, this includes lowering our distribution costs, further reducing noncompliant charges, optimizing inventory close to demand and supply planning and reducing our manufacturing costs to match [indiscernible]. We believe the combined impact of these efforts generate meaningful cost savings and working capital improvements.
I will now ask Laurel to cover the financial highlights in greater detail.
Thank you, Serge, and thank you for joining us today. As Serge highlighted, net sales decrease of $26.7 million last year to $22.1 million this quarter. For the full year, net sales decreased from $107.2 million last year to $90.7 million in 2022. Q4 2022 gross profit decreased by 15% to $8.7 million compared to $10.4 million in Q4 2022. Gross profit margin was 39.2%, a modest increase from 38.9% in the fourth quarter last year. The improvement reflects reduced trade spending and inventory adjustments, partially offset by the higher supply chain input costs and sales mix in the quarter.
The fiscal year 2022 gross profit margin improved to 42.4% compared to 41.0% in 2022 -- 2021. The improvement is mainly due to a more profitable sales mix, reduced markdowns and operating cost savings initiatives, partly offset by impact of inflation on cost of goods. We continue to closely monitor input costs and have implemented select pricing actions in combination with procurement cost savings initiatives. We believe these costs of improvement initiatives will yield for measurable savings in 2023. Q4 adjusted EBITDA decreased to $2.8 million from $3.2 million in the same period last year as a result of lower revenue, offset by improved gross margin. For the full year, adjusted EBITDA decreased from $16.5 million in 2021 to $12.4 million in 2022. Each quarter, as a standard practice, we accept whether there is an indication that goodwill and intangible assets may be impaired in the fourth quarter and several factors led to a noncash charge of $55.6 million. The Q4 impairment analysis considered multiple factors and interests, including fast-rising interest rates, which will impact future expected interest statements. We will also consider our revised revenue outlook, taking into account the latest in-store retail consumption data, planogram decisions for 2023 as well as the revenue decline in the fourth quarter. As a result, we reported a net loss of $61.9 million in Q4 2022 versus a net loss of $0.1 million last year. Removing these noncash impairment charges, adjusted net loss was $5.5 million compared to basically breakeven in Q4 2021. Q4 cash flow from operations came in at $2.2 million, an increase from $0.2 million in Q4 2021. And we reported adjusted free cash flow of $2.2 million, up from $0.2 million in last year's Q4. On a full year basis, adjusted free cash flow of $7.9 million up from $5.8 million in 2021, mainly driven by improvements in working capital. At year-end, net debt was $115 million, a decrease from $116.7 million as of September 30, 2022, and $6.5 million net decrease from $121.5 million at year-end 2021. At year-end, our cash position was $10.5 million.
Before we open the call to questions, we want to sincerely thank the whole MAV team for their efforts. Now Michelle, would you please open the call up to questions.
[Operator Instructions] Your first question will come from Ashley Helgans at Jefferies.
This is Sidney on for Ashley. Just was wondering if you could give any additional color on by brand performance. And then any kind of expectations in terms of trends and the innovation pipeline going forward?
Sure. I mean, for the performance pipeline, I'm just going to refer to existing panels. They are so -- I think that what's notable is that the marketing brand in terms of consumption data increased by 5% for the year, [indiscernible] brands. Cake was down low single digits, while the other two brands, Renpure and The Mane Choice were downward significantly. This is for the full year 2022.
With regard to the innovation pipeline, as you know, the planogram we sent for many retailers have been in February and some retailers we sent a bit later in the year. So the big renovation of the year is on the Renpure brand. The new products are flowing through distribution as we speak. But we still have in most point of sale both the old and new Renpure sitting next to each other so that we have a better read on the performance of this brand in the months to come.
What's reassuring and gives us confidence is the extensive consumer testing begins prelaunch. So we expect to see some positive results on the renovation of Renpure. As for Marc Anthony, the big launch this year is Repair Bond. The product is now on shelf. And we have just stated our [indiscernible] marketing. So it's a bit too early to call. However, we were approached by the initial review that we see in the marketplace not around that are positive.
At this time, there are no further questions. I will turn the conference back to Mr. Jureidini for any closing remarks.
Thank you, again, for joining us this morning. And thank you to the MAV team for all the efforts and speak soon. Thank you. Bye-bye.
Ladies and gentlemen, this does conclude the conference call for this morning. We would like to thank you all for your participation and ask you to please disconnect your lines.