Nov 3, 2022
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E.L.F. profits double on 33% sales surge

Nov 3, 2022

E.L.F. Beauty announced on Wednesday revenues for the second quarter surged 33%, marking the beauty retailer's 15th consecutive quarter of growth in net sales terms.

E.L.F Beauty

The Oakland, California-based company said net sales increased to $122.3 million for the quarter ending September 30, primarily driven by strength in both its retailer and e-commerce channels.

Net income more than doubled to $11.7 million, compared to $5.7 million in the prior-year period.

Likewise, ​net sales increased 30% to $245 million for the six months ending September 30, while net income surged to $26.2 million, from $14 million last year.

​“I am proud of the E.L.F. Beauty team for delivering our 15th consecutive quarter of net sales growth, with Q2 up 33%,” said Tarang Amin, E.L.F. Beauty's chairman and chief executive officer.

“In the second quarter, E.L.F. was the fastest growing top 5 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.”

Looking ahead, ​the company updated its outlook for fiscal 2023. It now expects net sales to grow by  22-24% year-over-year, as compared to an expected 14-16% year-over-year increase previously.


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