THE WHAT? Elf Beauty has announced its results for the three and six months ended September 30, 2019.
THE DETAILS Netsales rose 6 percent over the quarter, reaching US$67.6 million, compared to US$63.9 million in the same period in 2018. Excluding the contribution from retail stores, net sales were up 11 percent.
“Q2 was another strong quarter with net sales of US$68 million, up 11 percent excluding Elf stores. We are making significant progress executing against our five strategic imperatives and are pleased with the initial results of our brand recharge,” said Chairman and CEO Tarang Amin. “The increase in our marketing and digital activations coupled with the impact of our Project Unicorn initiative is driving productivity across channels, including on elfcosmetics.com. Given the continued momentum behind the brand, we are increasing our Fiscal 2020 guidance.”
THE WHY? The company attributed the rise to increased productivity across channels and product price increases in response to tariffs. Its successful targeting of Gen Z via the popular TikTok platform and similar innovative marketing initiatives under the guidance of new CMO Kory Marchisotto are paying off. Can the brand continue to rise above the US falling make-up sales?