E.l.f Beauty updates outlook as sales soar
E.l.f Beauty has reported an 85% increase in net sales to £214.4 million ($270.9 million) for the three months ending 31 December 2023, marking its 20th consecutive quarter of growth.
The company saw gross margin rise approximately 350 basis points to 71%, primarily driven by favourable foreign exchange impacts, improved transportation costs, cost savings and mix.
Net income totalled £21.3 million ($26.9 million), whilst Adjusted EBITDA increased 61% year-over-year to £46.8 million ($59.1 million).
For the nine months ending 31 December 2023, net sales lifted 80% to £556.5 million ($702.8 million) against the same period in 2022.
As a result, E.l.f Beauty has updated its outlook for FY24. It now expects net sales between £776-783 million ($980-990 million), representing growth of 69-71% compared to 55-57% previously.
Tarang Amin, Chairman and CEO at E.l.f. Beauty, said: "Our vision is to create a different kind of beauty company and you can see that in the exceptional, consistent, category-leading growth we’ve delivered.
"I’m extremely proud of our team and the progress we continue to make across colour cosmetics, skincare and internationally."
