05.23.24
E.l.f. Beauty announced its financial results for the fourth quarter and full fiscal year 2024.
Tarang Amin, e.l.f. Beauty’s Chairman and CEO said,
“Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered. In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skincare, and international markets.”
The company’s gross margin increased roughly 180 points to 71%, primarily due to foreign exchange effects, international price increases, lower costs from retailer activity, cost savings and mix, and improved transportation costs, as well as inventory adjustments.
Selling, general, and administrative (“SG&A”) expenses increased from $89.1 million to $210.2 million, and adjusted SG&A was $196.9 million.
Gross margin increased roughly 330 basis points to 71%, primarily due to favorable foreign exchange impacts, cost savings and mix, improved transportation costs, inventory adjustments, international price increases, and partially offset by costs related to retailer activity.
SG&A increased $252.2 million to $574.4 million, or 56% of net sales. Adjusted SG&A was $526.4 million, or 51% of net sales.
E.l.f. finalized its acquisition of Naturium on October 4, 2024, for $333 million. This helps e.l.f. further its mission to make beauty accessible.
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Tarang Amin, e.l.f. Beauty’s Chairman and CEO said,
“Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered. In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skincare, and international markets.”
Fourth Quarter Results
E.l.f. Beauty net sales increased by 71% to $321.1 million, mostly due to the company’s strong retailer and e-commerce channels. Overall, net income was $14.5 million, on a GAAP basis with an adjusted net income of $30.8 million.The company’s gross margin increased roughly 180 points to 71%, primarily due to foreign exchange effects, international price increases, lower costs from retailer activity, cost savings and mix, and improved transportation costs, as well as inventory adjustments.
Selling, general, and administrative (“SG&A”) expenses increased from $89.1 million to $210.2 million, and adjusted SG&A was $196.9 million.
Full Fiscal Year 2024 Results
Net sales increased by 77% to $1,023.9 million, mostly driven by strength across retailer and e-commerce channels. E.l.f. Beauty’s net income was $127.7 million on a GAAP basis, and adjusted net income was $183.8 million.Gross margin increased roughly 330 basis points to 71%, primarily due to favorable foreign exchange impacts, cost savings and mix, improved transportation costs, inventory adjustments, international price increases, and partially offset by costs related to retailer activity.
SG&A increased $252.2 million to $574.4 million, or 56% of net sales. Adjusted SG&A was $526.4 million, or 51% of net sales.
E.l.f. finalized its acquisition of Naturium on October 4, 2024, for $333 million. This helps e.l.f. further its mission to make beauty accessible.
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