E.l.f. Beauty has reported its results for the three and twelve months ended March 32, 2021. The US mass beauty brand saw sales rise 24 percent in the final quarter of fiscal 2021 versus the same period in fiscal 2020, contributing to an overall uplift of 12 percent for the year, despite make-up’s declining fortunes.
Gross margin increased 80 basis points to 64.8 percent in fiscal 2021 versus the prior year, with benefits from margin accretive innovation, cost savings and a mix shift to elfcosmetics.com, E.l.f. Beauty said. Net income was US$6.2 million on a GAAP basis.
The company said that it expects sales to increase 8 to 10 percent in fiscal 2022, versus the US$318 million racked up in fiscal 2021.
Tarang Amin, E.l.f. Beauty’s Chairman and Chief Executive Officer, commented, “Our fiscal 2021 results demonstrate that our business model and competitive advantages are robust, as we strengthened our position in a challenging environment. Our fourth quarter net sales growth of 24 percent marked our ninth consecutive quarter of growth. For the year, E.l.f. Cosmetics was the only top 5 US color cosmetics brand to post growth and gain share.”