Loading...
•
Jun 30, 2023
e.l.f. Q1 2024 Earnings Report
Reported a strong first quarter with significant net sales growth and market share gains.
Key Takeaways
e.l.f. Beauty announced a strong start to fiscal year 2024, with a 76% increase in net sales and a 260 basis point gain in market share during Q1. The company has raised its fiscal 2024 outlook to reflect continued momentum.
Net sales increased 76% to $216.3 million.
Gross margin increased approximately 280 basis points to 71%.
Net income was $53.0 million on a GAAP basis, with adjusted net income at $62.9 million.
Diluted earnings per share were $0.93 on a GAAP basis, with adjusted diluted earnings per share at $1.10.
e.l.f.
e.l.f.
Forward Guidance
The company updated its fiscal year 2024 outlook, projecting a 37-39% year-over-year increase in net sales.
Positive Outlook
- Net sales are projected to be $792-802 million.
- Adjusted EBITDA is projected to be $171-174 million.
- Adjusted effective tax rate is expected to be 17-18%.
- Adjusted net income is projected to be $125-127 million.
- Adjusted diluted earnings per share are projected to be $2.19-2.22.