Elf Beauty Q4 net sales grow 78 percent

Elf Beauty has outlined its results for the three and 12 months ended March 31, 2023, where it saw net sales grow by 78 percent in Q4.

Its sales rose to 187.4 million dollars during this period, largely driven by strength across its retail and e-commerce channels, while its gross margin also increased by 470 basis points to 69 percent.

Meanwhile, its net income on a GAAP basis was 16.2 million dollars, with its adjusted net income sitting at 23.8 million dollars.

Its selling, general and administrative expenses also increased by 55.7 million dollars to 121.1 million dollars, representing 65 percent of net sales.

The company’s diluted earnings per share were at 29 cents per share, while its adjusted EBITDA was 21.2 million dollars, 66 percent up year-over-year.

For the full fiscal year 2023, its net sales grew 48 percent to 578.8 million dollars, with its gross margin also increasing 330 basis points to 67 percent.

Its net income for the year was 61.5 million dollars on a GAAP basis, with its adjusted net income coming in at 91.8 million dollars.

Elf’s diluted earnings per share were 1.11 dollars, while its adjusted EBITDA was 11.6 million dollars, up 56 percent YOY.

The company said that it ended fiscal 2023 with 120.8 million dollars in cash and cash equivalents, and 60.9 million dollars of long-term debt and finance lease obligations.

For fiscal 2024, its outlook reflects an expected 22 to 24 percent increase in net sales, rising between 705 to 720 million dollars.