THE WHAT? Elf Beauty has reported its results for the final quarter and full year of fiscal 2024. The mass market make-up brand said that sales soared a massive 77 percent in the twelve months to March 31, 2024 versus the prior year period – breaching the billion barrier.
THE DETAILS Indeed, sales rose 77 percent yoy to US$1,023.9 million in fiscal 2024, driven by strength across retailer and e-commerce channels, Elf said. Gross margin increased some 330 basis points to 71 percent thanks to favourable foreign exchange impacts, cost savings and mix.
The company is predicting sales of between US$1,230 to US$1,250 million for fiscal 2025 – an increase of 20 to 22 percent.
THE WHY? Tarang Amin, Elf Beauty’s Chairman and CEO, reveals, “Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered. In Q4, we grew net sales by 71 percent and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for Elf Beauty across cosmetics, skin care and international markets.”
