E.l.f Raises Revenue Outlook; Needs Scrappy Thinking to Maintain Growth
With sales at its core line in decline, the company is tweaking everything from price, geographic distribution and categories to rebuild momentum.
On Wednesday, E.l.f. reported first-quarter net sales of $479.4 million, up 36 percent year-over-year. It also increased its full-year revenue forecast to a range of between $1.94 billion and $1.97 billion, representing a higher annual growth rate of 18 to 20 percent. But its flagship line of cosmetics, which comprises some 70 percent of overall sales, declined high single digits, in line with its prior forecast. In the previous quarter, growth was flat.
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