.elfcosmetics’s sales continue to climb.
in May, including tinted lip balms and a brow gel. In March, E.l.f. Cosmetics collaborated with Dunkin’ Donuts on eye shadows and a lip scrub.
“The strength of our innovation is one of the things that’s allowed us to build market share,” Amin said. The company has yet to feel inflationary headwinds, Amin said, and the company forecasts net sales growth of between 10 and 12 percent for fiscal 2023, projecting sales between $432 million and $440 million.
“I’m quite bullish on color cosmetics and skin care. Even in some of the retailer results, while they had mixed results, they talked about the strength they’re seeing in beauty,” Amin said. “Consumers are ready to get out there. I’m actually bullish on the category, even moreso how we’re positioned within it.”
E.l.f. even raised prices on two-thirds of its stock keeping units, given an increase in shipping prices. “That’s gone better than expected,” Amin said. “In the last eight weeks, our consumption has been up over 20 percent, and up over 30 percent in the last four weeks. We made a conscious decision to keep the lowest-price items at the same price. That dual strategy has worked really well.”
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