E.L.F. Beauty Q4 sales surge 78% for 'outstanding' 2023 result
E.L.F Beauty announced on Wednesday net sales for the fourth quarter surged 78% to $187.4 million, driven by strength across the beauty chain's retailer and e-commerce channels.
The Oakland, California-based company said net sales skyrocketed for the full-year 2023, up 48% to $578.8 million, again thanks to its retailer and e-commerce channels.
Net income for the fourth quarter totalled $16.2 million, and reached $61.5 million for the full year ending March 31.
“Our outstanding results in fiscal 2023 underscore the power of the e.l.f. brand and the world class team at e.l.f. Beauty,” said Tarang Amin, E.L.F. Beauty's chairman and chief executive officer.
"We grew net sales by 78% in Q4, marking our seventeenth consecutive quarter of net sales growth. We gained 270 basis points of market share in the quarter and increased our ranking to the number three U.S. mass cosmetics brand for the first time, according to Nielsen. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for E.L.F. Beauty."
In March, the U.S. beauty retailer team up with fellow American apparel brand for a new denim-inspired makeup and skincare collection.
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