Elf Beauty beats Q4 estimates, raises guidance on ‘momentum’

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Shares of Elf Beauty Inc. ELF, -0.71% rose more than 1% in the extended session Wednesday after the beauty products retailer reported fiscal third-quarter profit and sales above expectations and tweaked guidance for the year higher. Elf said it earned $6.2 million, or 12 cents a share, in the quarter, compared with $4.3 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 24 cents a share. Elf said sales increased 11% to $98.1 million, mostly thanks to sales through national and international retailers. Analysts polled by FactSet expected the company to report adjusted earnings of 15 cents a share on sales of $95 million. Elf said it expects net sales between $372 million and $379 million for the year, compared with a previous expectations of sales between $364 million and $370 million. It updated the fiscal 2022 guidance for earnings to between $40 million and $42 million, from between $36 million and $37.5 million previously. The company “remains the only Top 5 color cosmetics brand with sales growth and market share above pre-pandemic levels,” Chief Executive Tarang Amin said in a statement. “Given our momentum, we are raising our Fiscal 2022 guidance.” Shares of Elf ended the regular trading day down 0.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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