Elf Beauty Q2 2023: Outlook raised as sales soar 33 percent

Elf Beauty Q2 2023: Outlook raised as sales soar 33 percent

THE WHAT? Elf Beauty has announced its results for the three- and six-month period ended September 30, 2022.

THE DETAILS The mass beauty brand saw sales rise an impressive 33 percent in the second quarter of the financial year compared to the prior-year period, reaching US$122.3 million, driven by strength in both its retail and e-commerce channels.

Gross margin improved 190 basis points to 65 percent driven by price increases, cost savings and product mic. Adjusted EBITDA was US$27.3 million, up 47 percent yoy.

The company has adjusted its fiscal 2023 outlook accordingly, predicting a 22 to 24 percent yoy increase in net sales, up from the 14 to 16 percent range announced previously.

THE WHY? Tarang Amin, Elf Beauty’s Chairman and Chief Executive Officer “I am proud of the Elf  Beauty team for delivering our 15th consecutive quarter of net sales growth. In the second quarter, Elf was the fastest growing top five color cosmetics brand and we expanded our market share by 115 basis points, according to Nielsen. We believe our value proposition, innovation engine, and ability to attract and engage consumers will continue to fuel our growth.”