ELF Beauty raised its FY24 outlook after the company’s second-quarter net income almost tripled as net sales rose in both retailer and e-commerce channels.

ELF Beauty’s net income surged 184.1 per cent to $33.3 million while net sales increased 76.1 per cent to $215.5 million in the three-month period ended September 30, 2023. Gross margin rose to 71 per cent.

“We continue to deliver exceptional, consistent, category-leading sales growth,” said Tarang Amin, ELF Beauty’s chairman and CEO.

“As we look ahead, the significant whitespace we see across color cosmetics, skincare and international gives us confidence that we are in the early innings of unlocking the full potential we see for ELF Beauty.”

For the first six months of the fiscal year, net income swelled 229.5 per cent to $86.2 million while net sales soared 76.3 per cent to $431.8 million. Gross margin jumped to 71 per cent.

ELF Beauty updated its FY24 net sales outlook to $896 million to 906 million, up 55 per cent to 57 per cent from the previous year.