In an exciting turn of events, E.L.F. Beauty, the renowned U.S. retailer, proudly announces an extraordinary 76% surge in net sales for the second quarter, achieving an impressive milestone of $215.5 million. This remarkable growth owes its success to the outstanding performance across both traditional retail and robust e-commerce channels, perfectly aligning with the remarkable upswing in first-half revenues.
Hailing from the vibrant city of Oakland, California, E.L.F. Beauty witnessed an exceptional surge in net revenues for the first half, reaching an astonishing $431.8 million, mirroring the 76% growth rate.
Even more remarkable is the substantial increase in net income for the initial six months, soaring to a remarkable $86.2 million, surpassing the previous year’s $26.2 million. The second quarter alone contributed a notable $33.3 million in net income, a significant leap from the $11.7 million in the previous year’s second quarter.
E.L.F. Beauty’s Chairman and CEO, Tarang Amin, conveyed his enthusiasm, emphasizing, «We consistently deliver exceptional category-leading sales growth. In Q2, our net sales skyrocketed by a remarkable 76%, with a substantial 330 basis points increase in category share. This marks our 19th consecutive quarter of uninterrupted growth. Looking ahead, the vast potential in color cosmetics, skincare, and international markets gives us the confidence that we are on the cusp of unlocking the full potential of E.L.F. Beauty.»
Looking forward, E.L.F. Beauty is excited to announce its updated fiscal 2024 guidance. The company anticipates a noteworthy year-over-year increase in net sales, projecting a substantial growth rate of 55-57%, a remarkable leap from the previous expectation of 37-39%. This promising trajectory signifies a bright future for E.L.F. Beauty and its dedicated community of customers.