Recently, E.l.f. Beauty has officially released its financial report of FY2024. It reported net sales increased 77% to $1,023.9 million.
Tarang Amin, Chairman and CEO of E.l.f. Beauty, expressed enthusiasm about the achievement, stating, “Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered.” Amin emphasized the company’s belief in its potential across cosmetics, skincare, and international markets.
The fourth quarter saw a net sales soaring 71% to $321.1 million, primarily fueled by robust performance across both retail and e-commerce platforms. This performance exceeded analysts’ expectations, with adjusted net income reaching $30.8 million, up from $23.8 million in 2023, and adjusted diluted earnings per share at 53 cents, surpassing Wall Street forecasts.
Internationally, E.l.f. Beauty continues its expansion, making its debut in Mexico through a partnership with Sephora. However, despite its impressive financial results, the company faced a setback in after-hours trading as its 2025 outlook fell short of Wall Street estimates.
Looking ahead, E.l.f. anticipates net sales between $1.23 billion and $1.25 billion, slightly below analysts’ forecasts. Adjusted net income is expected to range between $187 million and $191 million, also missing expectations. Despite this, the company remains optimistic about its growth trajectory and market potential.
