E.L.F. Beauty announced impressive financial results for the third quarter, with net sales soaring by 85% to reach $270.9 million. This substantial increase was driven by robust performance in both retail and e-commerce channels. Over the nine-month period ending December 31, sales surged by 80% to $702.8 million, accompanied by a net income of $113.1 million.
The company reported a net income of $26.9 million for the quarter, a significant rise from $19.1 million in the previous year. Tarang Amin, Chairman and CEO of E.L.F. Beauty, expressed pride in the company’s consistent growth, highlighting the achievement of 20 consecutive quarters of growth in net sales and market share.
In addition to the strong financial performance, E.L.F. Beauty completed the acquisition of Naturium, a rapidly growing skincare brand, on October 4. The acquisition, valued at $333 million in cash and company stock, aligns with the company’s mission to offer high-quality beauty products accessible to all consumers.
Buoyed by the robust sales update, E.L.F. Beauty revised its outlook for fiscal 2024, now anticipating a year-over-year increase in net sales of 69-71%, compared to the previously expected 55-57% increase. This optimistic outlook reflects the company’s confidence in its continued growth trajectory and strategic initiatives.
