e.l.f Beauty reports 27% Q2 sales increase

e.l.f. Beauty has announced a 27% Q2 sales increase.

The ‘affordable luxury’ colour cosmetics brand revealed its sales soared by $11.7m, when compared to Q2 in 2016, to $55.9m.

It claimed that sales were driven by its retail partnerships, improvements in customer terms, freight costs and the benefit of foreign exchange rate movements.

e.l.f. Beauty’s gross margin expanded to 64% from 57% in the Q2 of 2016.

“Our performance continues to demonstrate the successful execution of our mission to make luxurious beauty accessible for all,” said Tarang Amin, e.l.f Beauty Chairman and CEO.

The company’s H1 net sales increased by 20%, or $19.6m, to $116.4m and gross margin expanded to 64% from 56% when compared to H1 2016.

e.l.f. Beauty claimed to have ‘reaffirmed its outlook for 2017’, and predicted strong revenue growth and expansion in gross margin. It said it will continue investments in people, infrastructure, and brand building.