On Tuesday, the beauty company reported an 85 percent year-on-year increase in sales in its fiscal third quarter ending in Dec., reaching $270.9 million.
After soaring above expectations for another quarter, the company raised its full-year outlook to $980 to $990 million in sales for the 2024 fiscal year, up from the raised outlook of $896 to $906 million last quarter.
It also reported that adjusted earnings before interest, taxes, depreciation, and amortization was $193.8 million, up 103 percent year over year.
Affordable price points, viral products and a digital-focused marketing strategy continue to be drivers for the brand’s growth.
”These days, everyone’s more value-conscious,” E.l.f. Beauty chief executive Tarang Amin told BoF. The brand continues to embrace dupe culture with products such as its Glow Reviver Tinted Lip Oil.
The brand’s Power Grip Primer remains its top seller, while another high performer is its Glow Reviver Tinted Lip Oil launched in 2023.
”We’re much more than a dupe brand because we always put our own twist on it,” said Amin.
While it will reveal its second Super Bowl ad tomorrow, the brand remains heavily focused on digital marketing via TikTok and up-and-coming opportunities like Roblox and Twitch.
”The vast majority of our marketing is still going to be digitally oriented,” said Amin. “The big difference between us and some of the more traditional players is we’re constantly expanding our reach into these different platforms, most of which are digital, and different audiences.”
This has contributed to growth in digital sales channels as well, which have climbed to 24 percent of sales from 16 percent last year. Amin said that E.l.f. Beauty has benefited from sales on its TikTok shop as well as its DTC site and Amazon.
E.l.f. Cosmetics Returns to Super Bowl
Following its inaugural Super Bowl ad featuring Jennifer Coolidge in 2023, E.l.f. Cosmetics plans to return to the big game this year.