e.l.f. Beauty's strong three- and six-month fiscal 2024 results have caused the company to upwardly revise its full-year net sales outlook from a range of $792-802 million previously to a newly anticipated range of $896-906 million.
For the three months ended September 30, 2023, net sales increased 76% year-over-year to $215.5 million, primarily driven by strength in both retailer and e-commerce channels. Net income was $33.3 million on a GAAP basis; adjusted net income was $47.1 million.
For the six months ended September 30, 2023, net sales also increased 76% year-over-year to $431.8 million, primarily driven by strength in both retailer and e-commerce channels. Net income was $86.2 million on a GAAP basis; adjusted net income was $110.0 million.
As of September 30, 2023, e.l.f. Beauty had $167.8 million in cash and cash equivalents, compared to $85.3 million in cash and cash equivalents at the same point in 2022.
The news comes following the company's closing of the acquisition of Naturium, which is expected to contribute approximately $48 million in net sales for the fiscal year.
“We continue to deliver exceptional, consistent, category-leading sales growth,” said Tarang Amin, e.l.f. Beauty's chairman and CEO. “In Q2, we grew net sales by 76% and category share by 330 basis points, marking our 19th consecutive quarter of growth in each. As we look ahead, the significant whitespace we see across color cosmetics, skin care and international gives us confidence that we are in the early innings of unlocking the full potential we see for e.l.f. Beauty.”
