Impressing investors with its remarkable 85% sales growth during the holiday quarter, E.l.f. Beauty raised its guidance for the third consecutive time. The company exceeded Wall Street expectations, reporting adjusted earnings and revenue of $270.9 million. Demonstrating robust confidence, E.l.f. Beauty now projects net sales between $980 million and $990 million for fiscal 2024.
CEO Tarang Amin expressed optimism regarding sustaining this momentum and outlined ambitious plans to double the market share in color cosmetics over the next few years. Despite major sales from prominent retailers such as Walmart and Target, E.l.f. Beauty actively focuses on enhancing its digital presence. Notably, online sales accounted for 24% of revenue during the quarter. The company's strategic move into TikTok Shop and the successful launch of its Roblox experience further underscore its commitment to digital innovation. Read the full story here.
