Net sales increased 17% from the fourth quarter of 2015, reaching $76.4 million. For the full year, net sales increased 20%, or $38.2 million, to $229.6 million.
“We are pleased to report that e.l.f. grew net sales 20% and expanded gross margin by over 500 basis points in 2016,” stated Tarang Amin, chairman and CEO. “This strong performance reflects progress executing our mission to make luxurious beauty accessible to all women. Our first to mass innovation and authentic brand appeals to some of the best consumers in cosmetics – young, diverse, make-up enthusiasts. With strength across leading national retailers and our direct business, we expect net sales growth in 2017 of 24% to 28%.”
Sales growth was driven by sales growth across leading national retailers and the company’s direct business, according to the cosmetics maker.