E.l.f. Beauty Reports 85 Percent Sales Growth and Raises Outlook

On Tuesday, the wonder firm reported an 85 p.c year-on-year enhance in gross sales in its fiscal third quarter ending in Dec., reaching $270.9 million.

After hovering above expectations for an additional quarter, the corporate raised its full-year outlook to $980 to $990 million in gross sales for the 2024 fiscal 12 months, up from the raised outlook of $896 to $906 million final quarter.

It additionally reported that adjusted earnings earlier than curiosity, taxes, depreciation, and amortization was $193.8 million, up 103 p.c 12 months over 12 months.

Inexpensive value factors, viral merchandise and a digital-focused advertising and marketing technique proceed to be drivers for the model’s progress.

”Nowadays, everybody’s extra value-conscious,” E.l.f. Magnificence chief govt Tarang Amin instructed BoF. The model continues to embrace dupe tradition with merchandise resembling its Glow Reviver Tinted Lip Oil.

The model’s Energy Grip Primer stays its prime vendor, whereas one other excessive performer is its Glow Reviver Tinted Lip Oil launched in 2023.

”We’re far more than a dupe model as a result of we at all times put our personal twist on it,” mentioned Amin.

Whereas it should reveal its second Tremendous Bowl advert tomorrow, the model stays closely centered on digital advertising and marketing by way of TikTok and up-and-coming alternatives like Roblox and Twitch.

”The overwhelming majority of our advertising and marketing remains to be going to be digitally oriented,” mentioned Amin. “The large distinction between us and among the extra conventional gamers is we’re always increasing our attain into these totally different platforms, most of that are digital, and totally different audiences.”

This has contributed to progress in digital gross sales channels as effectively, which have climbed to 24 p.c of gross sales from 16 p.c final 12 months. Amin mentioned that E.l.f. Magnificence has benefited from gross sales on its TikTok store in addition to its DTC web site and Amazon.

Be taught extra:

E.l.f. Cosmetics Returns to Super Bowl

Following its inaugural Tremendous Bowl advert that includes Jennifer Coolidge in 2023, E.l.f. Cosmetics plans to return to the large recreation this 12 months.