On Tuesday, E.L.F. Beauty, Inc. ELF said it officially opened its first European office in London to grow its international business.
International net sales grew 119% year-over-year in the last quarter.
“We see significant runway in both the U.K. and other markets around the world,” said Tarang Amin, Chairman and CEO, E.L.F. Beauty. In late 2023, the company entered the Italian market.
On February 25, Piper Sandler analyst Korinne Wolfmeyer reiterated the Overweight rating on E.L.F. Beauty, raising the forecast to $225 from $212, citing expansion prospects in India and other parts of Western Europe, apart from U.K. and Canada.
The analyst sees healthy double-digit plus earnings per share growth as more than achievable for the foreseeable future for E.L.F. Beauty, driving share upside from current levels.
E.L.F. Beauty is focusing on three main sectors—color cosmetics, skincare, and international markets—to drive growth and expand its market presence.
“e.l.f. will bring its unique value proposition, powerhouse innovation and disruptive marketing engine – which have proven to resonate across categories and geographies – into new places and spaces with the purpose to serve every eye, lip and face,” Amin added.
The office at 2 Upper Street in Angel, Islington, is a 10,000-square-foot space, designed for the team to thrive and be connected to its community.
E.L.F. Beauty recently raised its fiscal year 2024 earnings per share guidance from $2.47-$2.50 to $2.84-$2.87.
The company also raised its revenue guidance from $896 million-$906 million to $980 million-$990 million.
Price Action: According to Benzinga Pro, ELF shares closed higher by 7.35% to $199.61 on Monday.
Photo via Wikimedia Commons
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