Category: Beauty

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...