THE WHAT? Elf Beauty has announced its results for the three and nine months ended December 31, 2022. The mass make-up brand saw net sales soar an impressive 49 percent in the third quarter to US$146.5 million while gross margin increased 180 basis points to 67 percent.
THE DETAILS That storming third quarter bought nine month sales to US$391.5 million, an increase of 36 percent on the prior year period.
The company has updated its fiscal 2023 outlook accordingly and is now forecasting net sales of US$541 to US$545 million for the year
THE WHY? Elf said sales growth was driven primarily by strength in both its retailer and e-commerce channels. Tarang Amin, Elf Beauty’s Chairman and Chief Executive Officer, explains, “We delivered a terrific third quarter – growing our net sales by 49 percent and expanding our market share by 150 basis points, according to Nielsen. This quarter marked our 16th consecutive quarter of net sales growth, reflecting the continued strong execution by the Elf. Beauty team. As we look ahead, we’re excited about the potential we see as we continue to make the best of beauty accessible to every eye, lip, face and skin concern.”