Elf Beauty has announced its results for the final quarter and full year of fiscal 2024, showcasing a remarkable performance. The mass market makeup brand achieved a 77% year-over-year increase in sales, surpassing the billion-dollar mark. Sales reached $1,023.9 million in the twelve months ending March 31, 2024, driven by robust performance across both retailer and e-commerce channels.
The company reported a significant improvement in its gross margin, which increased by 330 basis points to 71%. This boost was attributed to favorable foreign exchange impacts, cost-saving measures, and a favorable product mix.
For fiscal 2025, Elf Beauty is forecasting sales between $1,230 million and $1,250 million, projecting an increase of 20% to 22%.
“Fiscal 2024 marked our strongest year of net sales growth on record, continuing our trend of exceptional, consistent, category-leading growth,” stated Tarang Amin, Chairman and CEO of Elf Beauty. “In the fourth quarter, we achieved a 71% increase in net sales and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. Looking ahead, we believe we are still in the early stages of unlocking Elf Beauty’s full potential across cosmetics, skincare, and international markets.”
