11.03.23
Net sales for ELF Beauty grew 76% to $215.5 million in Q2 2024 for the three months ended Sept. 30, 2023.
For the six months ended Sept. 30, 2023, compared to the six months ended Sept. 30, 2022, net sales increased 76% to $431.8 million, primarily driven by strength in both retailer and e-commerce channels.
The increase was driven primarily by strength in both retailer and e-commerce channels.
“We continue to deliver exceptional, consistent, category-leading sales growth,” said Tarang Amin, ELF Beauty's chairman and CEO. “In Q2, we grew net sales by 76% and category share by 330 basis points, marking our 19th consecutive quarter of growth in each. As we look ahead, the significant whitespace we see across color cosmetics, skin care and international gives us confidence that we are in the early innings of unlocking the full potential we see for ELF Beauty.”
Updated Fiscal 2024 Outlook
The updated outlook for fiscal 2024 reflects an expected 55-57% year-over-year increase in net sales, as compared to an expected 37-39% increase previously.
The company notes this outlook now includes the addition of Naturium, which the company acquired in October 2023. ELF Beauty continues to expect Naturium to contribute approximately $48 million in net sales, approximately $9 million in adjusted EBITDA and approximately $0.04 in adjusted EPS on a fully diluted basis in fiscal 2024. This reflects Naturium’s contribution for approximately half of ELF Beauty’s fiscal year, based on the transaction closing date of Oct. 4.