E.L.F. Beauty announced on Wednesday revenues for the third quarter lifted 49% to $146.5 million, driven by strength in both its retailer and e-commerce channels.
The Oakland, California-based company said net income for the three months ending December 31, totalled $19.1 million, up from $6.2 million last year.
Likewise, revenues for the first nine months ending December 31 increased 36% to $391.5 million, while net income rose to $45.3 million, compared to $20.2 million.
“We delivered a terrific third quarter – growing our net sales by 49% and expanding our market share by 150 basis points, according to Nielsen.” said Tarang Amin, E.L.F. Beauty’s chairman and chief executive officer.
“This quarter marked our 16th consecutive quarter of net sales growth, reflecting the continued strong execution by the E.L.F. Beauty team. As we look ahead, we’re excited about the potential we see as we continue to make the best of beauty accessible to every eye, lip, face and skin concern.”
Looking ahead, the beauty retailer updated its outlook for fiscal 2023, reflecting an expected 38-39% year-over-year increase in net sales, as compared to an expected 22-24% year-over-year increase previously. It now expects to post annual sales of $541-$545 million for the twelve months.
