U.S. beauty retailer E.L.F. Beauty recently released its financial report for the second quarter, revealing a significant increase in net sales. The company reported a remarkable 76% growth in net sales, reaching $215.5 million for the quarter. This surge was driven by strong performance in both the retailer and e-commerce channels, aligning with the overall increase in revenues for the first half of the year. Net revenues for the first half, ending on September 30, also experienced a substantial 76% increase, totaling $431.8 million.
The company’s net income for the six-month period grew to $86.2 million, compared to $26.2 million in the same period the previous year. In the second quarter alone, net income reached $33.3 million, up from $11.7 million in the corresponding quarter of the prior year.
Tarang Amin, E.L.F. Beauty’s chairman and CEO, expressed satisfaction with the company’s consistent and outstanding sales growth. He highlighted the 76% increase in net sales for the quarter and a 330 basis point gain in category share, marking the company’s 19th consecutive quarter of growth. Amin expressed confidence in the company’s future, emphasizing the significant potential for growth in color cosmetics, skin care, and international markets.
Looking ahead, E.L.F. Beauty revised its fiscal 2024 guidance, raising its expectations. The company now anticipates a year-over-year increase in net sales of 55-57%, compared to the previously expected increase of 37-39%. This updated guidance reflects the company’s optimism and belief in its ability to continue unlocking its full potential in the coming years.