Pricing and cost saving measures were cited as key contributors to the beauty brand’s strong financial results during the period
e.l.f. Beauty raised its 2023 full year forecast earlier this year
Income was boosted by a robust performance across both its physical retail and e-commerce channels.
Gross margin also jumped by 67% during the period, primarily driven by increased pricing and cost saving measures.
“Our outstanding results in fiscal 2023 underscore the power of the e.l.f. brand and the world class team at e.l.f. Beauty,” said Tarang Amin, e.l.f. Beauty's Chairman and CEO.
"We grew net sales by 78% in Q4, marking our seventeenth consecutive quarter of net sales growth.”
Sales lept by 78% to $187.4m during the beauty brand’s fourth quarter ended 31 March 2022.
Selling, general and administrative expenses increased from $55.7m to $121.1m, however, accounting for 65% of net sales.
Adjusted EBITDA was $21.2m, or 11% of net sales, up 66% year-over-year.
“We gained 270 basis points of market share in the quarter and increased our ranking to the number three US mass cosmetics brand for the first time, according to Nielsen,” added Amin.
It comes after e.l.f. Beauty raised its 2023 full year forecast earlier this year, when it reported double-digit sales growth across all key categories in Q3 trading.
The drugstore beauty brand saw net sales soar 49% year-over-year in the three months ended 31 December 2022, reaching US$146.5m.
E-commerce and retail partners were cited as crucial drivers behind the brand’s 16thconsecutive quarter of reported net sales growth at the time.
Sales are now forecasted to see a 38% to 39% year-over-year increase, compared to the previous forecast of 22% to 24%.
In March e.l.f. Beauty also partnered with Gen Z jeans brand American Eagle on its first-ever fashion-beauty collaboration.
Both brands said at the time that the denim-inspired make-up and skin care collection brings “good looks and good jeans for your eyes, lips, face and both sets of cheeks”.