Elf Beauty raises guidance as Q12024 sales vault 76 percent

Elf Beauty raises guidance as Q12024 sales vault 76 percent

THE WHAT? Elf Beauty has announced its results for the first quarter of fiscal 2024. The mass market beauty brand saw sales leap a huge 76 percent to US$216.3 million and the brand gained 260 basis points of market share in the three months to June versus the prior year.

THE DETAILS Adjusted EBITDA rose 135 percent year on year to total US$74.3 million and diluted earnings per share stood at US$0.93 versus US$0.27 in the prior year period.

The company has updated its outlook for fiscal 2024 accordingly and is now expecting sales growth in the region of 37 to 39 percent, compared to the previously forecast 22 to 24 percent.

THE WHY? Tarang Amin, Elf Beauty’s Chairman and Chief Executive Officer, comments, “We are off to a terrific start in our new fiscal year with net sales growth of 76 percent and market share gains of 260 basis points in Q1. This marks our 18th consecutive quarter of delivering both net sales growth and market share gains. We are one of only five publicly traded consumer companies out of 274 that has grown for 18 straight quarters and averaged at least 20 percent sales growth per quarter over that period. As we look ahead, we believe we are in the early innings of unlocking the full potential we see for Elf Beauty and are raising our fiscal 2024 outlook to reflect our continued momentum.”

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