After 21 consecutive quarters of growth, E.l.f. Beauty has finally hit the $1 billion mark in annual sales.
In its fiscal fourth-quarter earnings released Thursday, the beauty company reported that sales increased 77 percent to over $1.02 billion for the 12 months ending on Mar. 31, 2024. In its fourth quarter, the company saw 71 percent sales growth to $321.1 million.
E.l.f. Beauty reached $1 billion sooner than expected, exceeding its full-year outlook of $980 to $990 million predicted in its fiscal third-quarter earnings report in February. Adjusted earnings before interest, tax, depreciation and amortisation grew by 101 percent year-over-year to $234.7 million, increasing 93 percent in the most recent quarter.
But the company’s share price fell after it reported that growth will likely decelerate in the coming fiscal year. For its fiscal 2025 outlook, it predicted that net sales growth will moderate to between 20 and 22 percent for $1.23 to $1.25 billion in sales.
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E.l.f. Beauty Reports 85 Percent Sales Growth and Raises Outlook
Affordable price points, viral products and a digital-focused marketing strategy continue to be drivers for the brand’s growth.
