e.l.f. Beauty amps up 2024 outlook following stellar Q1 performance
e.l.f. Beauty has exceeded expectations in its Q1 results, prompting an upward revision of its full-year 2024 outlook.
The company reported an impressive 76% surge in sales, reaching £170 million for the quarter ending June 30, 2023, compared to £97 million in the previous year.
The success of its Putty Primer range and other strategic measures has driven this growth. Consequently, e.l.f. Beauty has adjusted its full-year 2024 outlook, projecting a robust 37% to 39% increase in net sales, translating to a range of £625 million to £633 million. This represents a significant upgrade from the earlier forecast of £557 million to £569 million.
e.l.f. Beauty’s gross margin has also experienced a notable upswing, climbing by 280 basis points to an impressive 71%. This enhancement is attributed to various factors, including favorable foreign exchange impacts, cost savings, and improved transportation expenses. However, these gains were partially offset by expenses linked to retailer activity and expansion initiatives.
Chairman and CEO of e.l.f. Beauty, Tarang Amin, expressed his enthusiasm, stating, “We are one of only five publicly traded consumer companies out of 274 that have grown for 18 straight quarters, and averaged at least 20% sales growth per quarter over that period.”
The brand’s success can be attributed to its multifaceted strategy, including a focus on extending its popular product franchises. By innovating within these franchises, such as Camo, Putty, Halo Glow, and Power Grip, e.l.f. Beauty has fueled substantial year-on-year growth.
Furthermore, e.l.f. Beauty’s skincare segment has demonstrated remarkable growth, surging by 127% in tracked channels. The launch of products like Suntouchable Whoa Glow SPF30 has contributed significantly to this achievement.
The company’s exceptional performance is mirrored in its market share gains and increased net sales growth, which have been consistent over 18 consecutive quarters. e.l.f. Beauty’s commitment to sustainability and innovation has positioned it as a market leader, with a strong focus on reducing environmental impact and combating food waste.
As part of its continued growth, e.l.f. Beauty recently unveiled an exciting collaboration with @Loserfruit (Kathreen Belsten), a prominent female gamer with a massive online following. This limited-edition collection launch adds to the brand’s diverse portfolio, which includes e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare, a lifestyle beauty brand co-created with Alicia Keys.
