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E.l.f. Beauty Raises Full Year 2023 Outlook

The beauty company expects sales between $541 million and $545 million, up from an earlier outlook of between $478 million and $486 million.
E.l.f.'s 'Beautifully Bare Serum Foundation'.
E.l.f.'s 'Beautifully Bare Serum Foundation'. (E.l.f.)

The beauty company today said its net sales grew by 49 percent in the third quarter ended Dec. 31, 2022, to $146.5 million. Analysts were expecting sales of around $122 million. Net income for the quarter was $45.3 million. E.l.f. also raised its full year 2023 outlook, saying it anticipates sales between $541 million and $545 million, significantly higher than its earlier outlook of sales between $478 million and $486 million.

“Our value proposition, that ability of having prestige quality, extraordinary prices — I don’t think it’s ever been more relevant,” Tarang Amin, E.l.f. Beauty chairman and chief executive told The Business of Beauty.

This marks 16 consecutive quarters of growth for E.l.f Beauty, which relies mainly on the US for sales and has gained popularity amongst Gen-Z for its creative use of social media.

“We’re engaging consumers and attracting new consumers to this brand,” said Amin.

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Shares in the company rose 12 percent in extended trading Wednesday.

Learn more:

What Estée Lauder and E.l.f. Can Tell Us About the Beauty Market

The two companies, which occupy different ends of the market, report results this week. Plus, what else to watch for in the coming days.

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