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Published
Nov 6, 2018
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E.L.F. Beauty shares jump as quarterly sales beat estimates

Published
Nov 6, 2018

California-based beauty brand E.L.F. Beauty, Inc. has announced that its net sales in Q3 totaled $63.9 million, topping analysts’ estimates of $60 million and sending the company’s shares up more than 20% in the extended session on Monday.
 

E.L.F. saw its shares rise more than 20% in the extended session on Monday - Instagram: @elfcosmetics


The brand’s quarterly sales reflected a decrease of 11% or $8.0 million compared to the $71.9 million reported in the same period in the previous year, a decline which was largely attributable to a fall in sales to discount channel customers.
 
Net income for the quarter came to $3.9 million, down from $5.9 million in the prior-year period, but the company’s adjusted income of $8.4 million, or 17 cents a share, also beat out the estimates of analysts polled by FactSet, who had predicted the brand’s earnings to come to 8 cents a share.

“Our third quarter results reaffirm our confidence in our 2018 guidance,” said E.L.F. Chairman and CEO Tarang Amin in a release. “We delivered growth in the specialty channel and demonstrated disciplined expense and balance sheet management. We are aggressively pursuing three strategic initiatives to improve business trends in tracked channels: thoughtfully increasing investment in the E.L.F. brand, focusing on key items, and optimizing 2019 shelf sets.”
 
Year to date, the company’s revenue increased by $0.6 million from $188.3 million to $188.9 million, thanks mainly to sales at leading national retailers which were once again offset by a decline in the brand’s discount channel.
 
Net income for the period totaled $5.9 million, down from $12.0 million in the same period in the previous year.
 
In light of its results, E.L.F. reaffirmed its outlook for net sales growth in fiscal 2018, which is still expected to be in the low single digits. The company also increased the lower end of its adjusted net income guidance so that this is now expected to be in the range of $30 million to $31 million.
 

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