e.l.f. Beauty updates fiscal 2024 outlook with projected 14% YoY net sales increase

Popular US beauty brand e.l.f. has released its fiscal results for the three- and nine-month periods of 2023 through the end of last year, confirming that “in Q3, we grew net sales by 85% and market share by 305 basis points, marking our 20th consecutive quarter of growth in each,” said Tarang Amin, e.l.f. Beauty’s Chairman and Chief Executive Officer in a company press release.

Following what Amin describes as “exceptional, consistent, category-leading growth,” the company has updated its fiscal outlook for 2024 to reflect “an expected 69-71% year-over-year increase in net sales, as compared to an expected 55-57% increase previously,” the release confirmed.

Q3 2023 verses Q3 2022

The business quarter was exceptionally notable for the brand when comparing 2023 to 2022, the release confirmed. In addition to a net sales increase of 85% to $270.9 million, which was “primarily driven by strength in both retailer and e-commerce channels” said e.l.f.’s release, the brand’s gross margin also increased to 71%, or by 350 base points, and was “primarily driven by favorable foreign exchange impacts, improved transportation costs, cost savings and mix” the release confirmed.

Additionally, the company’s net income in Q3 2023 was $26.9 million on a generally accepted accounting principles (GAAP) basis, or $42.9 million adjusted net income, which excludes “expense or income related to stock-based compensation, other non-recurring items, impairment of equity investment, loss on extinguishment of debt, amortization of acquired intangible assets and the tax impact of the foregoing adjustments,” stated the release.”

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