e.l.f. Beauty Reports 50% Quarterly Sales Increase
e.l.f. Beauty reported a 50 percent gain in net sales in the first fiscal quarter of 2024 and increased its full year forecast as a result. The company reported a net sales of $324.5 million, saying the increase — from $216.3 million a year ago — was a result of both its brick-and-mortar and e-commerce channels. For its full year forecast, e.l.f. expects sales of between $1.28 billion and 1.3 billion, compared to its previous outlook of between $1.23 billion and $1.25 billion.
"We continue to make progress across color cosmetics, skin care and international, and believe our unique areas of advantage will fuel our ability to win in fiscal 2025 and beyond," e.l.f. Beauty CEO Tarang Amin said in a press release.
Total Retail's Take: Despite the reported top-line gains, shares of e.l.f. dropped last week. Multiple reports say it's because investors had high expectations from the company that weren't met. Company guidance for the second quarter estimates lower profit margins as it steps up marketing spending, which also alarmed investors.
E.l.f. Beauty remains the preferred makeup brand of Gen Z, thanks in part to its innovative marketing campaigns — particularly on the Gen Z favorite TikTok — its vegan and cruelty-free products, and its collaborations with key influencers.
Marie Albiges is the managing editor for Women in Retail, Total Retail, and Women Leading Travel & Hospitality. She is responsible for content development, management and production for the group. Marie is a former journalist, a travel aficionado, a French native and fitness enthusiast who lives in Philadelphia with her partner, stepdaughter and dog.
