e.l.f. Beauty reports “strongest year” of sales growth

e.l.f. Beauty, the affordable - and often viral - colour cosmetic brand, has reported "exceptional, consistent, category‐leading growth" with sales up by 77% for the year ending 31 March 2024.

Fourth quarter results

For the three months ended 31 March 2024, net sales increased 71% to £252.5 million ($321.1 million), primarily driven by strength across retailer and e‐commerce channels. Gross margin increased approximately 180 basis points to 71% and net income was £11.4 million ($14.5 million) on a GAAP basis. Adjusted net income was £24.2 million ($30.8 million).

Diluted earnings per share were £0.20 ($0.25) on a GAAP basis and adjusted EBITDA was £31.1 million ($40.9 million).

Fiscal 2024 results

For the twelve months ending 31 March 2024, net sales increased by 77% to £800 million ($1.023 billion). Gross margin increased approximately 330 basis points to 71% and Net income was £100.4 million ($127.7 million) on a GAAP basis.

Diluted earnings per share were £1.74 ($2.21) on a GAAP basis and adjusted EBITDA was £184.6 million ($234.7) million.

Notably, on 4 October 2023, the company closed the acquisition of Naturium, a fast‐growing, high-performance skincare brand, for £261 million ($333 million) in a combination of cash and Company stock. The acquisition furthers the Company’s mission to make the best of beauty accessible to every eye, lip, face and skin concern.

Tarang Amin, e.l.f. Beauty’s Chairman and Chief Executive Officer, said: "Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category‐leading growth we’ve delivered.

"In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skincare and international markets."

Looking ahead, the company expects a 20‐22% increase in net sales for fiscal 2024.