e.l.f. Beauty, Inc. reported significant financial performance improvements in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved net sales of $301.1 million for the three months ended September 30, 2024, marking a 40% increase from $215.5 million in the same period of 2023. For the six months ended September 30, 2024, net sales reached $625.6 million, up 45% from $431.8 million year-over-year. This growth was primarily driven by strong performance in retailer channels, which contributed $138.7 million, and a notable increase in e-commerce sales, which rose by 108%.
Gross profit for the three months ended September 30, 2024, was $214.1 million, also reflecting a 40% increase from $152.4 million in the prior year. The gross margin improved to 71%, up from 70.4%. However, operating income for the quarter decreased to $27.9 million from $40.2 million in the same period last year, while net income fell to $19.0 million from $33.3 million. For the six-month period, net income was $66.6 million, down from $86.2 million in 2023.
The company's total assets increased to $1.24 billion as of September 30, 2024, compared to $1.13 billion in March 2024 and $746.9 million a year earlier. Total stockholders' equity rose to $727.7 million, up from $642.6 million in March 2024. However, cash and cash equivalents decreased to $96.8 million from $108.2 million in March 2024 and $167.8 million in September 2023.
e.l.f. Beauty completed the acquisition of Naturium LLC on October 4, 2023, for approximately $333 million, financed through a combination of cash, stock, and borrowings. This acquisition is expected to enhance the company's product offerings and market presence. The company has also authorized a new share repurchase program of up to $500 million, following the exhaustion of a previous $25 million program.
The filing noted an increase in selling, general, and administrative (SG&A) expenses, which rose to $186.1 million for the three months ended September 30, 2024, up 66% from $112.2 million in the prior year. This increase was attributed to higher marketing and digital spending, compensation, and operational costs.
Overall, e.l.f. Beauty's strategic initiatives, including the Naturium acquisition and expansion into new product categories, are aimed at driving future growth, despite facing challenges such as rising operational costs and market volatility.
About e.l.f. Beauty, Inc.
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