e.l.f. Beauty has announced its first quarter 2023 results that showed net sales increased 26% to $122.6 million, primarily driven by strength in its national and international retailers.
Net income was $14.5 million, compared to $8.8 million in the previous year.
Adjusted net income was $21.1 million.
Gross profit was $82.9 million, compared to $61.9 million in the previous year.
According to an investor presentation, for the 12 weeks ending 6/18/2022, year over year consumption grew 27% for e.l.f., compared to the 4% reported by the general cosmetics category.
Fiscal 2022 Outlook
e.l.f. Beauty has updated its fiscal 2023 outlook, which previously expected net sales to be between $432-440 million. The brand updated its net sales outlook to $448-456 million.
Tarang Amin, e.l.f. Beauty's chairman and CEO, said, "I am proud of the e.l.f. Beauty team for achieving our fourteenth consecutive quarter of net sales growth. We continue to significantly outperform our competition. In the first quarter, we were the fastest growing top 5 color cosmetics brand and expanded our market share by 120 basis points, according to Nielsen. We are continuing to lean into our strengths—our core value proposition, innovation engine, and ability to attract and engage consumers—and are pleased to raise our fiscal 2023 outlook.”