E.l.f Beauty Jumps 76% with 18th Consecutive Quarter Growth
- Chaileedo Press
- Aug 2, 2023
- 2 min read
Looking ahead, E.l.f Beauty has raised its FY2024 updated outlook, with net sales expected to grow 37-39% year-over-year, compared to a previously expected increase of 22-24%.
E.l.f. Beauty, a leading cosmetics company, has started its new fiscal year on a high note, achieving remarkable growth in net sales and market share gains in the first quarter.
The company's net sales for the three months ended June 30, 2023, increased by 76% to reach $216.3 million. This substantial growth was primarily driven by the strength of E.l.f. Beauty's retailer and e-commerce channels, reflecting their successful strategies in reaching and satisfying customers. The company's market share also experienced a significant boost of 260 basis points, further solidifying their position in the cosmetics industry.
In terms of net income, E.l.f. Beauty reported $53.0 million on a GAAP basis for the three-month period. Adjusted net income, which excludes certain identified items, stood at an even higher $62.9 million. These figures demonstrate the company's ability to achieve strong profitability while maintaining steady growth.
Looking ahead, e.l.f. Beauty is optimistic about its future prospects and the untapped potential it sees for the brand. Amin stated, "As we look ahead, we believe we are in the early innings of unlocking the full potential we see for E.l.f. Beauty and are raising our fiscal 2024 outlook to reflect our continued momentum." As a result, the company has revised its fiscal 2024 outlook, now expecting a year-over-year increase in net sales of 37-39% to $792-802 million, compared to the previously projected increase of 22-24%. This upward adjustment indicates the management's confidence in sustaining their growth trajectory and capitalizing on emerging opportunities.
Tarang Amin, the Chairman and CEO of e.l.f. Beauty, expressed his satisfaction with the company's performance, stating, "We are off to a terrific start in our new fiscal year with net sales growth of 76% and market share gains of 260 basis points in Q1. This marks our 18th consecutive quarter of delivering both net sales growth and market share gains. We are one of only five publicly traded consumer companies out of 274 that has grown for 18 straight quarters and averaged at least 20% sales growth per quarter over that period."
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