E.l.f. Posts Improvement After Implementing Project Unicorn

Things are looking up at E.l.f. Beauty. The mass-market brand had struggled in recent quarters with eroding sales and shelf-space productivity, but in its most recent quarter, posted improvements. Net sales were up by $200,000 over the prior-year period, to $66.1 million, due to shelf space increases at existing retailers and new distribution. Those figures were offset by the closure of 22 E.l.f. stores, which the company shuttered in February. Net loss was $17.9 million, with a net loss per share of 37 cents. Excluding the impact of closing the stores, which the company estimates to be $22.2 million, sales in the quarter were up 3 percent, said chief executive officer Tarang Amin. “These results were driven by Project Unicorn and increased marketing activations behind our new first-to-mass products. We are pleased with the initial progress on our growth initiatives and by improvements in tracked channel performance. We recognize it will take time to fully implement our strategic repositioning, and therefore, we remain cautious as we enter fiscal 2020.” For fiscal 2020, E.l.f. is predicting net sales between $235 million and $245 million, with adjusted net income between $18 million and $21 million. For more from WWD.com, see:  In a Crowded Masstige Market, Can E.l.f. Regain

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