ELF Beauty reported an 85 per cent growth in sales to $270.9 million in the third quarter of last year, owing mostly to improvement in its stores and e-commerce channels.

According to the company, gross margin climbed by almost 350 basis points to 71 per cent, due to positive foreign exchange impacts, lower transportation costs, cost savings, and product mix.

“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,” said Tarang Amin, ELF Beauty’s chairman and CEO. 

IQ3 marked the brand’s 20th consecutive quarter of growth in sales and margin. “I’m extremely proud of our team and the progress we continue to make across color cosmetics, skincare and internationally.”

The company also reported nine-month results compared to the same period of 2022, with a net sales rise of 80 per cent to $702.8 million. 

On October 4, the company acquired Naturium, a fast-growing, high-performance skincare brand, for $333 million in cash and company stock.

In November, the brand reported its Q2 net income almost tripled as net sales rose in both retailer and e-commerce channels.