By Kathryn Hardison
Shares of elf Beauty Inc. rose 6.7% to $36.13 on Thursday after it reported higher second-quarter sales as consumers lean into the value-oriented cosmetics company.
The company said Wednesday that second-quarter profit soared 75% to $14.5 million, or 27 cents a share, from $8.3 million, or 15 cents a share, a year earlier. Adjusted earnings for the recent quarter were 39 cents a share.
Revenue climbed 26% to $122.6 million.
Elf Beauty, which sells through retailers such as Target, raised its prices earlier this year across its brands, except for its cheapest items.
Chief Financial Officer Mandy Fields said inflation-fatigued consumers have been flocking to the company’s products, and the company is positioned to gain market share as this trend continues.
The company’s raised outlook for fiscal 2023 includes revenue between $448 million and $456 million, up from its prior guidance of $432 million to $440 million. Adjusted earnings per share are expected between 84 cents and 87 cents, up from the prior outlook of 78 cents to 81 cents.
Shares were 8.8% higher for the year.
Write to Kathryn Hardison at [email protected]
Credit: www.marketwatch.com /