ELF Beauty announced Tuesday that third-quarter net sales rose 85% to $270.9 million due to strong performance in both its retail stores and e-commerce channels.
On the back of a quarterly surge, the US beauty company announced an increase in sales for the nine months ended December 31st. 80% was $702.8 million, resulting in a net profit of $113.1 million.
The company said its net income for the three-month period amounted to $26.9 million, up from $19.1 million in the same period last year.
Taran Amin, Chairman and CEO of ELF Beauty, said: “Our vision is to create a different kind of beauty company, and we are building on the exceptional and consistent success we have achieved to date. I think you can see that by looking at the growth at the top of the category.”
“In the third quarter, we saw an 85% increase in net sales and a 305 basis point increase in market share, each marking our 20th consecutive quarter of growth. We are very proud of the progress we continue to make in these areas.”
On October 4, the company completed its acquisition of Naturium, a fast-growing high-performance skin care brand, for $333 million in cash and stock. At the time, the company said the acquisition further strengthens its mission to “deliver the best in beauty for all your eyes, lips, face and skin concerns.”
Following the positive sales update, the company updated its outlook for fiscal 2024. Net sales are now expected to increase 69% to 71% year-over-year, compared to previously expected growth of 55% to 57%.
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