Net sales surpassed $1 billion for Happi Top 50 Company ELF for FY 2024, up 77% over last year’s earnings. The increase was driven primarily by strength across the company’s retailer and e-commerce channels, officials said.

“Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered,” said Tarang Amin, ELF Beauty’s chairman and CEO. “In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for ELF Beauty across cosmetics, skin care and international markets.”

Gross margin increased approximately 330 basis points to 71%, primarily driven by favorable foreign exchange impacts, cost savings and mix, improved transportation costs, inventory adjustments, and international price increases, partially offset by costs related to retailer activity.

Adjusted EBITDA was $234.7 million, or 23% of net sales, up 101% year over year.

On October 4, 2023, ELF closed the acquisition of skin care brand Naturium for $333.0 million in a combination of cash and company stock.

Q4 2024 Results

In Q4 2024 – the three months ended March 31, 2024, compared to the three months ended March 31, 2023 – net sales increased 71% to $321.1 million, primarily driven by strength across the company’s retailer and e-commerce channels.

Gross margin increased approximately 180 basis points to 71%, primarily driven by favorable foreign exchange impacts, international price increases, lower costs from retailer activity, cost savings and mix, and improved transportation costs, partially offset by inventory adjustments.

Selling, general and administrative expenses increased $89.1 million to $210.2 million, or 65% of net sales. Adjusted EBITDA was $40.9 million, or 13% of net sales, up 93% year over year.

ELF expects a 20-22% increase in net sales in FY 2025.