e.l.f. Beauty has announced its third quarter fiscal 2021 net sales increased 10% to $88.6 million, compared to $80.8 million the previous year. The company's nine-month results ending December 31, 2020, showed a year-over-year net sales increase of 8% to $225.4 million, compared to $208.1 million the previous year.
Previously: e.l.f Beauty Q2, H1 2021 Net Sales Increase 7%
In the third quarter, e.l.f.'s net income was $4.3 million, or $0.08 per diluted share, compared to a net income of $8.0 million, or $0.16 per diluted share in the three months ended December 31, 2019.
The company's gross margin decreased 50 basis points to 64%, compared to 65% in the three months ended December 31, 2019.
Also in the third quarter, e.l.f. reported a gross profit of $57 million, compared to $52.5 million in 2019.
e.l.f.'s nine-month results showed a gross margin increase of 150 basis points to 65%, compared to 64% in the nine months ended December 31, 2019. Net income was $6.3 million, or $0.12 per diluted share, compared to a net income of $18.2 million, or $0.36 per diluted share, the previous year.
As of December 31, 2020, the company had $35.4 million in cash and cash equivalents, compared to $74.7 million as of December 31, 2019.
“Our core value proposition and product innovation continue to resonate with consumers,” said Tarang Amin, e.l.f. Beauty's chairman and CEO. “Of the top five color cosmetics brands in the U.S., e.l.f. grew the most share in the quarter. We also advanced our transformation to a multi-brand portfolio with the launch of our Keys Soulcare skincare collection."
Armin added, “I’m proud of the e.l.f. Beauty team for delivering eight consecutive quarters of net sales growth. Our brand building efforts and digital focus fueled our growth before and during the pandemic, and we believe position us well for the future."