E.l.f. Beauty Boosts Forecasts Amid Surging Sales and Stock Gains
Elf Beauty has raised its annual sales and profit forecasts, driven by strong demand for its affordable cosmetics, such as lip oil and liquid blush, in both the U.S. and international markets. The company's strategy of offering low-cost alternatives to luxury brands has boosted sales, with net sales rising 40% to $301.1 million in the latest quarter. Elf's expansion into major retailers and plans to enter Dollar General stores are part of its efforts to reach a broader customer base. The company's shares rose 9% following the announcement.