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Jun 30, 2022
e.l.f. Q1 2023 Earnings Report
e.l.f. Beauty reported a strong first quarter in fiscal year 2023, marked by significant net sales growth and market share expansion.
Key Takeaways
e.l.f. Beauty announced a successful Q1 2023, achieving its fourteenth consecutive quarter of net sales growth with a 26% increase to $122.6 million. The company expanded its market share by 120 basis points and raised its fiscal year 2023 outlook.
Net sales increased by 26% to $122.6 million, driven by strength in national and international retailers.
Gross margin increased by approximately 390 basis points to 68%, benefiting from price increases, cost savings, and product mix.
GAAP net income reached $14.5 million, with diluted earnings per share at $0.27.
The company raised its fiscal year 2023 outlook, projecting a 14-16% year-over-year increase in net sales.
e.l.f.
e.l.f.
Forward Guidance
The company updated its fiscal year 2023 outlook, projecting a 14-16% year-over-year increase in net sales.
Positive Outlook
- Net sales are projected to increase by 14-16% year-over-year.
- Adjusted EBITDA is expected to be in the range of $83.5-85.0 million.
- The adjusted effective tax rate is anticipated to be 25-26%.
- Adjusted net income is forecasted to be $47.0-48.5 million.
- Adjusted diluted earnings per share are expected to be $0.84-0.87.