Elf raises outlook for 2023.49% increase in quarterly sales
Elf Beauty Inc. shares surged 12% in Wednesday’s extended session after the beauty product maker and retailer reported quarterly earnings and sales well above Wall Street expectations and raised its outlook for the year. .
Elf Beauty (ELF) posted third-quarter earnings of $19.1 million, or 34 cents per share, compared with $6.2 million, or 12 cents per share, in the year-ago quarter. Adjusting for one-off items, the company earned him 48 cents per share.
According to Elf Beauty, sales increased 49% to $146.5 million, largely thanks to “strength” in both retail and e-commerce channels.
Analysts surveyed by FactSet expected the company to report adjusted earnings of 23 cents per share on sales of $122 million.
“We had a great third quarter. This quarter marked the 16th consecutive quarter of net sales growth for Elf,” Amin said in a statement. I’m here.
Elf also updated its outlook for fiscal 2023, projecting revenue of $541 million to $545 million.
The company called for adjusted earnings per share of between $1.37 and $1.40, while adjusted EPS was between $1.07 and $1.10.
Elf Beauty stock is up 91% over the past 12 months, while the S&P 500 Index is down about 10%.
– Claudia Assis
(Closed) Dow Jones Newswire
Copyright (c) 2023 Dow Jones & Company, Inc.