ELF Beauty hits US$1 billion in annual sales with strength across retail and e-commerce

24 May 2024 --- ELF Beauty crosses US$1 billion in annual sales, marking its strongest year of growth. Its quarterly performance also beat analyst estimates.  

In the fourth quarter ending March, ELF Beauty saw a 71% rise in net sales, reaching US$321.1 million. The growth is credited to solid performance across retail and e-commerce channels.

For FY24, ELF Beauty reported a 77% increase in net sales, surpassing US$1 billion for the first time, thanks to strong performance across retail and e-commerce platforms.

“Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered,” says 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.”

Fiscal 2024 marked ELF Beauty’s most robust year of net sales growth on record.Forward guidance
Net income for the quarter was reported at US$14.5 million on a GAAP basis, with adjusted net income reaching US$30.8 million. Adjusted EBITDA soared to US$40.9 million, marking a 93% increase year-over-year.

With a 20 – 22% increase in net sales predicted for the fiscal year 2025, ELF Beauty says it expects to maintain its current growth momentum. 

ELF Beauty spotlights its Naturium acquisition, completed in October last year for US$333 million. The move boosted its skin care portfolio and bolstered its commitment to offering accessible beauty solutions to consumers worldwide.

Earlier this year, ELF launched a beauty shopping app for Apple Vision Pro, reporting strong quarterly results that beat expectations.

Edited by Venya Patel