e.l.f. Q2 2023 Earnings Report
Key Takeaways
e.l.f. Beauty announced its Q2 Fiscal Year 2023 results, highlighted by a 33% increase in net sales compared to the same quarter last year. The company also gained 115 basis points in market share. The company raises fiscal year 2023 outlook.
Net sales increased 33% to $122.3 million, driven by strength in retailer and e-commerce channels.
Gross margin increased approximately 190 basis points to 65%, driven by price increases, cost savings and product mix.
Net income was $11.7 million on a GAAP basis, with diluted earnings per share at $0.21.
Adjusted EBITDA was $27.3 million, representing 22% of net sales, up 47% year over year.
e.l.f.
e.l.f.
Forward Guidance
The company is providing an updated outlook for fiscal year 2023, reflecting an expected 22-24% year-over-year increase in net sales.
Positive Outlook
- Net sales are expected to increase by 22-24% year-over-year.
- Adjusted EBITDA is projected to be $93.5-95.0 million.
- Adjusted effective tax rate is anticipated to be 22-23%.
- Adjusted net income is expected to be $59.0-60.5 million.
- Adjusted diluted earnings per share are projected to be $1.07-1.10.