THE WHAT? ELF Beauty has announced its results for the fourth quarter and full year ended March 31, 2023. The mass market make-up brand reported an impressive 48 percent net sales growth for fiscal 2023, gaining market share for the fourth consecutive year.
THE DETAILS In the final three months of the year, net sales surged 78 percent to US$187.4 million, while gross margin increased some 470 basis points to 69 percent.
The company revealed that it expects sales growth of 22 to 24 percent for fiscal 2024, versus fiscal 2023 and adjusted EBIDTA in the ran ge of US$144.5 million to US$147.5 million.
THE WHY? ELF said that sales growth was driven by strength across its retailer and e-commerce channels while gross margin improvements were driven by pricing, lower transportation costs, product mix and cost savings.
Tarang Amin, ELF Beauty’s Chairman and Chief Executive Officer, commented, “Our outstanding results in fiscal 2023 underscore the power of the ELF brand and the world class team at ELF Beauty. We grew net sales by 78 percent in Q4, marking our seventeenth consecutive quarter of net sales growth. We gained 270 basis points of market share in the quarter and increased our ranking to the number three US Mass Cosmetics brand for the first time, according to Nielsen. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for ELF Beauty.”
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