E.l.f. Beauty ended last 12 months with a bang, ringing in its sixteenth consecutive quarter of sales growth and enabling it to once more raise its full-year outlook.

While the U.S.’s uncertain economic backdrop could also be weighing on some, especially within the prestige sector, the Oakland, California-based mass beauty company saw double-digit sales growth across all key categories.

Net sales gained 49 percent year-over-year to hit $146.5 million in E.l.f.’s third quarter ending Dec. 31. Analysts polled by Factset had forecast sales of $137 million.

Because of this, E.l.f. updated its outlook for fiscal 2023 to reflect an expected 38 to 39 percent year-over-year increase in net sales, as in comparison with an expected 22 to 24 percent year-over-year increase previously.

Net income was $19.1 million, up from $6.2 million a 12 months earlier, while on an adjusted basis it got here in at $26.8 million, greater than double last 12 months’s $12 million. The latter is now expected to are available in between $75.5 million and $77 million, up from the corporate’s previous outlook of $59 million to $60.5 million.

“Historically mass beauty has done quite well, even during recessionary times. It’s a small luxury everyone can afford,” said chief executive officer Tarang Amin of the corporate’s strong performance in an interview. “As well as, the category really suffered through the pandemic. People were restricted, they couldn’t exit so I believe there’s this pent-up demand of individuals wanting to get out and express themselves. The category’s never been stronger.”

But while mass and makeup are performing well, E.l.f. has turn out to be a standout within the category, helped by reasonably priced, revolutionary products and a savvy social media strategy that has seen it’s an early joiner of several platforms.

In a recent WWD study of 104 global apparel, luxury, retail and wonder corporations found that only 26 firms within the space beat the Dow last 12 months, with E.l.f. leading the way in which, rising 66.5 percent. This marked quite the turnaround as at one point in 2019 shares fell below $8.

And Amin, a former executive at Pantene who has led E.l.f. since 2014, is confident concerning the brand’s future.

“[I’m] quite bullish on the category going forward and much more so on our prospects. We’re hopeful [on consumer spending]. Obviously everyone’s watching the recession and we’re keeping an in depth eye on that, however the category’s dynamics themselves are pretty healthy,” he continued, adding that for E.l.f., its value proposition and its innovation pipeline is especially attractive to consumers.