E.L.F. annual sales, earnings surge on recovered fourth quarter
E.L.F. Beauty announced on Wednesday sales for the fiscal year surged by double digits, primarily driven by strength in the beauty chain's national and international retailers.
The Oakland, California-based E.L.F. said full year revenues surged 23% to $392.2 million. Likewise, fourth-quarter revenues gained 13% to $105.1 million, both driven by gains in the company's global retail network.
“Our outstanding results in fiscal 2022 underscore E.L.F.’s core value proposition and deep connection with our consumers,” said Tarang Amin, E.L.F. Beauty's chairman and chief executive officer.
"I am so proud of how our team continues to execute in this dynamic environment. We grew net sales by 23% year over year while building market share according to Nielsen."
Net income for the year surged to $21.7 million, up from $6.2 million in the year prior. Quarterly earnings swung back to black in the fourth quarter, totalling $1.5 million, said E.L.F.
"We were the only top 5 color cosmetics brand to grow sales and share above pre-pandemic levels by a wide margin. We believe our competitive advantages and differentiated brand portfolio will continue to fuel our momentum," added Amin.
Looking ahead, E.L.F said it expects a 10-12% increase in net sales for fiscal 2023.
“We’re pleased with our exceptional fiscal 2022 results and believe that we can continue our business momentum into fiscal 2023,” said Mandy Fields, E.L.F. Beauty’s chief financial officer.
The earnings update comes after E.L.F. continues to expand its partnerships with other big name brands and refine its sustainability initiatives. Late last year, the company announced it had eliminated 1 million pounds of packaging across its products.
More recently, the beauty maker teamed up Dunkin' for a limited-edition makeup collection.
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