E.L.F beats forecasts with net sales soaring in Q1 

California-based beauty brand E.L.F Beauty kicked off the fiscal year with a 76 per cent growth in net sales for the three months ended June 30, reaching $216.3 million. 

The company said the strong performance was driven by “strength in both retailer and e-commerce channels”. Adjusted EBITDA reached $74.3 million, up 135 per cent year on year. 

“This marks our 18th consecutive quarter of delivering both net sales growth and market share gains,” said Tarang Amin, chairman and CEO at E.L.F Beauty. “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 per cent sales growth per quarter over that period.

“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.” 

The company expects net sales for fiscal 2024 to reach as much as $802 million from between $705 million and $720 million as previously estimated. Adjusted EBITDA is expected to reach from $171 million too $174 million. 

Earlier this year, E.L.F was reported to exit China after more than four years of operation, closing its Tmall and Douyin flagship store due to “global strategy adjustments and other objective factors”. 

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