e.l.f. Beauty Announces Fourth Quarter and Full Fiscal 2021 Results
e.l.f. Beauty (NYSE: ELF) today announced results for the three and twelve months ended March 31, 2021.
“Our fiscal 2021 results demonstrate that our business model and competitive advantages are robust, as we strengthened our position in a challenging environment,” said Tarang Amin, e.l.f. Beauty's Chairman and Chief Executive Officer. “Our fourth quarter net sales growth of
“We’re pleased with our outstanding results and believe that we can continue our business momentum in fiscal 2022 as we advance our transformation to a multi-brand portfolio,” said Mandy Fields, e.l.f. Beauty’s Chief Financial Officer. “We currently expect net sales growth of 8
Fourth Quarter Fiscal 2021 Review
For the three months ended March 31, 2021, compared to the three months ended March 31, 2020:
-
Net sales increased
24% to$92.7 million , primarily driven by strength in e-commerce, international, and our national retailers. -
Gross margin decreased approximately 110 basis points to
63.2% , with benefits from margin accretive product mix, cost savings, and a mix shift to elfcosmetics.com offset by certain costs related to retailer activity and space expansion, unfavorable foreign exchange rates and increased inventory adjustments. -
Selling, general and administrative expenses ("SG&A") increased
$10.8 million to$57.8 million or62.4% of net sales. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) was$51.3 million , or55.3% of net sales. The increase in SG&A was primarily due to investments in marketing and digital and increased operational costs. -
The benefit for income taxes was
$2.8 million . -
Net loss was
$24.0 thousand on a GAAP basis. Adjusted net income (net income excluding the items identified in the reconciliation table below) was$8.6 million . -
Diluted earnings per share were
$0.00 on a GAAP basis. Adjusted diluted earnings per share (diluted earnings per share calculated with adjusted net income excluding the items identified in the reconciliation table below) were$0.16 . -
Adjusted EBITDA (EBITDA excluding the items identified in the reconciliation table below) was
$12.9 million or13.9% of net sales.
Full Year Fiscal 2021 Review
For the twelve months ended March 31, 2021, compared to the twelve months ended March 31, 2020:
-
Net sales increased
12% to$318.1 million , primarily driven by strength in e-commerce, international, and our national retailers. -
Gross margin increased approximately 80 basis points to
64.8% , with benefits from margin accretive innovation, cost savings, a mix shift to elfcosmetics.com, and price increases partially offset by certain costs related to retailer activity and space expansion, an increase in inventory adjustments, and the impact of tariffs on goods imported from China. -
SG&A increased
$37.0 million to$194.2 million or61.0% of net sales. Adjusted SG&A was$165.1 million or51.9% of net sales. The increase in SG&A was primarily due to investments in marketing and digital, organizational costs related to building out the Company's marketing, digital and innovation capabilities, and increased operational costs mainly driven by the increase in e-commerce sales. -
The benefit for income taxes was
$2.5 million . -
Net income was
$6.2 million on a GAAP basis. Adjusted net income was$36.8 million . -
Diluted earnings per share were
$0.12 on a GAAP basis. Adjusted diluted earnings per share were$0.71 . -
Adjusted EBITDA was
$61.1 million or19.2% of net sales.
Balance Sheet
The Company ended fiscal 2021 with
Fiscal 2022 Outlook
The Company is providing the following outlook for fiscal 2022. When compared to fiscal 2021, the outlook for fiscal 2022 reflects an expected 8
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Fiscal 2021 |
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elf Beauty
NYSE:ELFELF RankingsELF Latest NewsELF Stock Data
3.84B
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13.51%
Household & Personal Products
Perfumes, Cosmetics & Other Toilet Preparations
United States
OAKLAND
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