“Our vision is to create a different kind of beauty company and you can see that in the exceptional, consistent, category-leading growth we’ve delivered,” said Tarang Amin, E.L.F. Beauty’s chairman and CEO. “In Q3, we grew net sales by 85% and market share by 305 basis points, marking our 20th consecutive quarter of growth in each. I’m extremely proud of our team and the progress we continue to make across color cosmetics, skin care and internationally.”E.L.F. Cosmetics/Facebook
As a result of this growth, the company is now forecasting a 69-71% year-over-year increase in net sales, compared to the previously announced 55-57% increase.
Furthermore, in Q3 e.l.f. Beauty reportedly gained 305 basis points of market share.
The news follows the company's August 2023 acquisition of skin care brand Naturium.
Q3 gross margin increased approximately 350 basis points to 71%, while nine-month gross margin increased about 400 basis points to 71%.
Q3 net income was $26.9 million on a GAAP basis, while adjusted net income was $42.9 million. Nine-month net income was $113.1 million on a GAAP basis, while adjusted net income was $152.9 million.
Adjusted EBITDA for Q3 was $59.1 million, or 22% of net sales, up 61% year-over-year, while adjusted nine-month EBITDA was $193.8 million, or 28% of net sales, up 103% year-over-year.
“Our vision is to create a different kind of beauty company and you can see that in the exceptional, consistent, category-leading growth we’ve delivered,” said Tarang Amin, e.l.f. Beauty’s chairman and CEO. “In Q3, we grew net sales by 85% and market share by 305 basis points, marking our 20th consecutive quarter of growth in each. I’m extremely proud of our team and the progress we continue to make across color cosmetics, skin care and internationally.”
UPDATE (February 7, 2024): e.l.f. Cosmetics will be on the big screen during a Super Bowl commercial Sunday, February 11, 2024, with its TV spot, "Judge Beauty."
Set in e.l.f. Court, the highest court in the land for crimes committed against the eyes, lips and face, the spot features a cast of cultural figures, including judicial icon and Amazon Freevee’s “Judy Justice” star Judge Judy Sheindlin as Judge Beauty.
Ruling in favor of affordable and cruelty-free cosmetics, Judge Beauty sets a precedent for the world to use Halo Glow Liquid Filter in the name of value and good judgment.
This is e.l.f.’s second commercial at the Super Bowl.
