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e.l.f. Beauty Announces Second Quarter Fiscal 2020 Results

November 6, 2019 GMT

OAKLAND, Calif.--(BUSINESS WIRE)--Nov 6, 2019--

e.l.f. Beauty (NYSE: ELF) today announced results for the three and six months ended September 30, 2019.

“Q2 was another strong quarter with net sales of $68 Million, up 11% excluding e.l.f. stores. We are making significant progress executing against our five strategic imperatives and are pleased with the initial results of our brand recharge,” said Chairman and CEO Tarang Amin. “The increase in our marketing and digital activations coupled with the impact of our Project Unicorn initiative is driving productivity across channels, including on elfcosmetics.com. Given the continued momentum behind the brand, we are increasing our Fiscal 2020 guidance.”

Three months ended September 30, 2019 results

Net sales increased 6%, or $3.7 million, to $67.6 million as compared to $63.9 million in the three months ended September 30, 2018. The increase was primarily driven by increased productivity across channels and product price increases in response to tariffs. This was partially offset by the closing of all 22 e.l.f. retail stores in February 2019. The three months ended September 30, 2018 included $3.2 million in net sales related to our 22 e.l.f. retail stores. Excluding the contribution from e.l.f. retail stores, net sales increased 11% as compared to the three months ended September 30, 2018.

Gross margin increased to 64% from 61% when compared to the three months ended September 30, 2018, with benefits from product price increases, margin accretive innovation, vendor concessions and favorable movements in foreign exchange rates, partially offset by tariffs on goods imported from China.

Selling, general and administrative expenses (“SG&A”) was $38.4 million, or 57% of net sales, compared to $32.7 million, or 51% of net sales in the three months ended September 30, 2018. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) was $34.3 million, or 51% of net sales, compared to $28.4 million, or 45% of net sales in the three months ended September 30, 2018. The increase was primarily due to investments in marketing and digital expenses and increased depreciation expenses driven by customer fixture programs. These increases were partially offset by the closure of e.l.f retail stores.

The provision for income taxes was $1.5 million, as compared to $0.9 million in the three months ended September 30, 2018. The change in the provision for income taxes was primarily driven by an increase in income before taxes of $3.3 million.

On a GAAP basis, net income was $6.5 million, or $0.13 per diluted share, based on a weighted-average diluted share count of 50.9 million shares. This compares to net income of $3.9 million, or $0.08 per diluted share, based on a weighted-average diluted share count of 49.1 million shares in the three months ended September 30, 2018.

Adjusted EBITDA (EBITDA excluding the items identified in the reconciliation table below) decreased 1% to $15.0 million from $15.1 million in the three months ended September 30, 2018.

Adjusted net income (net income excluding the items identified in the reconciliation table below) decreased to $7.7 million, or $0.15 per diluted share, based on a weighted-average diluted share count of 50.9 million shares. This compares to adjusted net income of $8.4 million, or $0.17 per diluted share, based on a weighted-average diluted share count of 49.1 million in the three months ended September 30, 2018.

Six Months Ended September 30, 2019 results

Net sales increased 4%, or $4.4 million, to $127.4 million as compared to $122.9 million in the six months ended September 30, 2018. The increase was primarily driven by increased productivity across channels and product price increases, partially offset by the closing of all 22 e.l.f. retail stores in February 2019. The six months ended September 30, 2018 included $6.4 million in net sales related to our 22 e.l.f. retail stores. Excluding the contribution from e.l.f. retail stores, net sales increased 9% as compared to the six months ended September 30, 2018.

Gross margin slightly increased to 63% from 62% when compared to the six months ended September 30, 2018, with benefits from margin accretive innovation, vendor concessions, favorable movements in foreign exchange rates and product price increases, partially offset by higher sales adjustments and the impact of tariffs on goods imported from China.

SG&A was $70.5 million, or 55% of net sales, compared to $66.4 million, or 54% of net sales in the six months ended September 30, 2018. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) was $62.1 million, or 49% of net sales, compared to $57.4 million, or 47% of net sales in the six months ended September 30, 2018. The increase was primarily due to investments in marketing and digital expenses and increased depreciation expenses driven by customer fixture programs. These increases were partially offset by the closure of e.l.f retail stores.

The provision for income taxes was $3.4 million, as compared to $1.0 million in the six months ended September 30, 2018. The change in the provision for income taxes was primarily driven by an increase in income before taxes of $7.5 million and a decrease in discrete tax benefit of $0.4 million.

On a GAAP basis, net income was $10.2 million, or $0.20 per diluted share, based on a weighted-average diluted share count of 50.6 million shares. This compares to net income of $5.2 million, or $0.10 per diluted share, based on a weighted-average diluted share count of 49.3 million shares in the six months ended September 30, 2018.

Adjusted EBITDA (EBITDA excluding the items identified in the reconciliation table below) increased 5% to $29.5 million from $28.1 million in the six months ended September 30, 2018.

Adjusted net income (net income excluding the items identified in the reconciliation table below) was $14.6 million, or $0.29 per diluted share, based on a weighted-average diluted share count of 50.6 million shares. This compares to adjusted net income of $14.9 million, or $0.30 per diluted share, based on a weighted-average diluted share count of 49.3 million in the six months ended September 30, 2018.

Balance sheet

As of September 30, 2019, the Company had $58.7 million in cash and cash equivalents, as compared to $33.6 million as of September 30, 2018. The improvement was primarily due to improved operating results, partially offset by a decrease in other liabilities primarily related to termination payments on store leases. As of September 30, 2019, long-term debt totaled $132.4 million, as compared to $141.3 million as of September 30, 2018.

Company outlook

As previously disclosed, the Company changed its fiscal year from the twelve months beginning January 1 and ending December 31 to the twelve months beginning April 1 and ending March 31. As a result, throughout this press release, the twelve-month periods ended March 31, 2019 and March 31, 2020 are referred to as “fiscal 2019” and “fiscal 2020,” respectively.

“We raised guidance this quarter to reflect the momentum we’re seeing in top-line sales, balanced by a soft color cosmetics category, cycling larger holiday and pipeline volume in our fiscal 2019 base and ongoing evaluation of the long term impact of pricing,” said Mandy Fields, Senior Vice President and Chief Financial Officer. “We are pleased with the direction of the business and are focused on continued growth.”

In the table below, fiscal 2019 includes the operation of e.l.f. stores. The fiscal 2020 outlook does not include e.l.f. stores. The new fiscal 2020 outlook reflects an expected net sales range of 4% to 6% when compared to net sales in fiscal 2019, excluding the contribution of e.l.f. stores.

 

 

New Fiscal 2020
Outlook

 

 

Prior Fiscal 2020
Outlook

 

 

Fiscal 2019 (1)
(unaudited)

 

Net sales

$

265-272 million

 

$

246-256 million

 

$

268 million

 

Adjusted EBITDA

$

52-55 million

 

$

47-50 million

 

$

62 million

 

Adjusted net income

$

23-25 million

 

$

19-22 million

 

$

33 million

 

Adjusted diluted EPS

$

0.44-0.48

 

$

0.37-0.41

 

$

0.66

 

Fully diluted shares outstanding

 

52.5 million

 

 

52.5 million

 

 

49.3 million

 

(1) Refer to Company outlook and comparability notes section below for further information regarding e.l.f. stores results included in fiscal 2019.

Company outlook and comparability notes

 

Fiscal 2019
(unaudited)

Net sales (1)

$

267,656

 

Net loss (2)

$

(3,079

)

Adjusted EBITDA (2)

$

62,439

 

Adjusted net income (2)

$

32,683

 

(1) Net sales includes $12.0 million related to e.l.f. stores.

(2) Net loss, adjusted EBITDA and adjusted net income include $13.7 million of four-wall expenses related to e.l.f. stores in fiscal 2019. Four-wall expenses include only directly identifiable costs such as product costs, rent and occupancy expenses and store employee salaries. Other indirect shared costs such as corporate overhead, depreciation and corporate employee salaries were not historically allocated to the e.l.f. retail stores business for internal reporting purposes and have not been adjusted from the amounts included above.

Three months ended (unaudited)

Fiscal 2019

 

e.l.f. stores

 

Fiscal 2019
(excluding e.l.f. stores)

June 30

$

59,055

 

 

$

3,228

 

 

$

55,827

 

September 30

63,889

 

 

3,182

 

 

60,707

 

December 31

78,571

 

 

3,735

 

 

74,836

 

March 31

66,141

 

 

1,856

 

 

64,285

 

Total

$

267,656

 

 

$

12,001

 

 

$

255,655

 

Second quarter fiscal 2020 conference call

The Company will hold a conference call today, November 6, 2019, at 4:30 p.m. ET to discuss the Company’s second quarter fiscal 2020 results. Investors and analysts interested in participating in the call are invited to dial-in approximately ten minutes prior to the start of the call. The U.S. toll free dial-in for the conference call is (877) 407-3982 and the international dial-in number is (201) 493-6780. The conference call will also be webcast live at: http://investor.elfcosmetics.com/news-and-events/events and remain available for 90 days. A telephone replay of this call will be available at 7:30 p.m. ET on November 6, 2019, until 11:59 p.m. ET on November 13, 2019, and can be accessed by dialing the U.S. toll free dial-in, (844) 512-2921 or the international dial-in, (412) 317-6671, and entering replay pin number 13694972.

About e.l.f. Beauty

Since 2004, e.l.f. has made the best of beauty accessible to every eye, lip and face. We make high-quality, prestige-inspired cosmetics and skin care products at an extraordinary value and are proud to be 100% vegan and cruelty-free. As one of the first online beauty brands, e.l.f. has a passionate social following, national distribution at leading retailers such as Target, Walmart and Ulta Beauty, and a growing international presence. Learn more by visiting www.elfcosmetics.com.

Note regarding non-GAAP financial measures

This press release includes references to non-GAAP measures, including adjusted SG&A, EBITDA, adjusted EBITDA, adjusted net income and adjusted diluted EPS. The Company presents these non-GAAP measures because its management uses them as supplemental measures in assessing its operating performance, and believes they are helpful to investors, securities analysts and other interested parties in evaluating the Company’s performance. The non-GAAP measures included in this press release are not measurements of financial performance under GAAP and they should not be considered as alternatives to measures of performance derived in accordance with GAAP. In addition, these non-GAAP measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. These non-GAAP measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing the Company’s results as reported under GAAP. The Company’s definitions and calculations of these non-GAAP measures are not necessarily comparable to other similarly titled measures used by other companies due to different methods of calculation. Adjusted EBITDA excludes costs or gains related to restructuring of operations, stock-based compensation and other non-cash and non-recurring costs. Adjusted net income excludes costs or gains related to restructuring of operations, stock-based compensation, other non-cash and non-recurring costs, amortization of acquired intangible assets and the tax impact of the foregoing adjustments. With respect to the Company’s expectations under “Company outlook” above, the Company is not able to provide a quantitative reconciliation of the adjusted EBITDA, adjusted net income and adjusted diluted EPS guidance non-GAAP measures to the corresponding net income and diluted EPS GAAP measures without unreasonable efforts. The Company cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to the Company’s revised outlook for fiscal year 2020 under “Company outlook” above and the statements related to the Company’s belief that is making significant progress executing its five strategic imperatives, the Company’s belief regarding the momentum behind the brand, the Company’s expectations regarding its top-lines sales performance, the Company’s expectations regarding the color cosmetics category, cycling larger holiday and pipeline volume in its fiscal 2019 base, the Company’s ongoing evaluation of the long term impact of pricing, and the Company’s expectations regarding the direction of its business and its focus on continued growth. These forward-looking statements are based on management’s current expectations, estimates, forecasts, projections, beliefs and assumptions and are not guarantees of future performance. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties that are described in the Company’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, as updated from time to time in the Company’s SEC filings, as well as the Company’s ability to effectively compete with other beauty companies; the Company’s ability to successfully introduce new products; the Company’s ability to attract new retail customers and/or expand business with its existing retail customers; the Company’s ability to optimize shelf space at its key retail customers; the loss of any of the Company’s key retail customers or if the general business performance of its key retail customers declines; and the Company’s ability to effectively manage its SG&A and other expenses. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

e.l.f. Beauty, Inc. and subsidiaries
Condensed consolidated statements of operations and comprehensive income
(unaudited)
(in thousands, except share and per share data)

 

 

 

Three months ended September 30,

 

Six months ended September 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

Net sales

 

$

67,615

 

 

$

63,889

 

 

$

127,379

 

 

$

122,944

 

Cost of sales

 

24,267

 

 

24,920

 

 

46,840

 

 

47,330

 

Gross profit

 

43,348

 

 

38,969

 

 

80,539

 

 

75,614

 

Selling, general and administrative expenses

 

38,444

 

 

32,656

 

 

70,499

 

 

66,447

 

Restructuring income

 

(4,198

)

 

 

 

(5,990

)

 

 

Operating income

 

9,102

 

 

6,313

 

 

16,030

 

 

9,167

 

Other income, net

 

586

 

 

360

 

 

937

 

 

869

 

Interest expense, net

 

(1,643

)

 

(1,901

)

 

(3,360

)

 

(3,890

)

Income before provision for income taxes

 

8,045

 

 

4,772

 

 

13,607

 

 

6,146

 

Income tax provision

 

(1,528

)

 

(857

)

 

(3,384

)

 

(983

)

Net income

 

$

6,517

 

 

$

3,915

 

 

$

10,223

 

 

$

5,163

 

Comprehensive income

 

$

6,517

 

 

$

3,915

 

 

$

10,223

 

 

$

5,163

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

0.08

 

 

$

0.21

 

 

$

0.11

 

Diluted

 

$

0.13

 

 

$

0.08

 

 

$

0.20

 

 

$

0.10

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

48,419,845

 

 

46,765,366

 

 

48,383,095

 

 

46,696,021

 

Diluted

 

50,939,915

 

 

49,123,703

 

 

50,628,704

 

 

49,275,196

 

e.l.f. Beauty, Inc. and subsidiaries
Condensed consolidated balance sheets
(unaudited)
(in thousands, except share and per share data)

 

 

 

September 30, 2019

 

March 31, 2019

 

September 30, 2018

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

58,747

 

 

$

53,874

 

 

$

33,648

 

Accounts receivable, net

 

27,715

 

 

32,275

 

 

31,762

 

Inventory, net

 

50,850

 

 

43,779

 

 

53,365

 

Prepaid expenses and other current assets

 

7,813

 

 

7,340

 

 

6,756

 

Total current assets

 

145,125

 

 

137,268

 

 

125,531

 

Property and equipment, net

 

16,059

 

 

16,006

 

 

18,184

 

Intangible assets, net

 

93,613

 

 

97,053

 

 

100,621

 

Goodwill

 

157,264

 

 

157,264

 

 

157,264

 

Investments

 

2,875

 

 

2,875

 

 

2,875

 

Other assets

 

22,091

 

 

21,222

 

 

9,856

 

Total assets

 

$

437,027

 

 

$

431,688

 

 

$

414,331

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt and capital lease obligations

 

$

11,310

 

 

$

10,259

 

 

$

9,067

 

Accounts payable

 

14,807

 

 

16,280

 

 

16,072

 

Accrued expenses and other current liabilities

 

20,424

 

 

18,590

 

 

10,803

 

Total current liabilities

 

46,541

 

 

45,129

 

 

35,942

 

Long-term debt and finance lease obligations

 

132,377

 

 

138,025

 

 

141,309

 

Deferred tax liabilities

 

20,096

 

 

16,753

 

 

20,409

 

Long-term operating lease obligations

 

5,846

 

 

15,898

 

 

 

Other long-term liabilities

 

479

 

 

668

 

 

3,050

 

Total liabilities

 

205,339

 

 

216,473

 

 

200,710

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of September 30, 2019, March 31, 2019 and September 30, 2018; 50,013,772, 49,645,450 and 47,994,581 shares issued and outstanding as of September 30, 2019, March 31, 2019 and September 30, 2018, respectively

 

485

 

 

483

 

 

471

 

Additional paid-in capital

 

750,395

 

 

744,147

 

 

734,323

 

Accumulated deficit

 

(519,192

)

 

(529,415

)

 

(521,173

)

Total stockholders' equity

 

231,688

 

 

215,215

 

 

213,621

 

Total liabilities and stockholders' equity

 

$

437,027

 

 

$

431,688

 

 

$

414,331

 

e.l.f. Beauty, Inc. and subsidiaries

Condensed consolidated statements of cash flows

(unaudited)

(in thousands)

 

 

 

Six months ended September 30,

 

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

Net income

 

$

10,223

 

 

$

5,163

 

Adjustments to reconcile net income to net cash provided by
operating activities:

 

 

 

 

Depreciation and amortization

 

11,169

 

 

8,617

 

Restructuring Income

 

(5,990

)

 

 

Stock-based compensation expense

 

7,930

 

 

8,824

 

Amortization of debt issuance costs and discount on debt

 

379

 

 

397

 

Deferred income taxes

 

3,343

 

 

(1,649

)

Other, net

 

364

 

 

50

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

4,355

 

 

24

 

Inventories

 

(7,071

)

 

8,363

 

Prepaid expenses and other assets

 

(1,202

)

 

(1,268

)

Accounts payable and accrued expenses

 

4,182

 

 

1,411

 

Other liabilities

 

(10,677

)

 

69

 

Net cash provided by operating activities

 

17,005

 

 

30,001

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchase of property and equipment

 

(5,534

)

 

(3,789

)

Net cash used in investing activities

 

(5,534

)

 

(3,789

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Repayment of long-term debt

 

(4,538

)

 

(4,125

)

Repurchase of common stock

 

(2,546

)

 

 

Cash received from issuance of common stock

 

866

 

 

1,284

 

Other, net

 

(380

)

 

(197

)

Net cash used in financing activities

 

(6,598

)

 

(3,038

)

 

 

 

 

 

Net increase in cash and cash equivalents

 

4,873

 

 

23,174

 

Cash and cash equivalents - beginning of period

 

53,874

 

 

10,474

 

Cash and cash equivalents - end of period

 

$

58,747

 

 

$

33,648

 

e.l.f. Beauty, Inc. and subsidiaries
Reconciliation of GAAP net income to non-GAAP adjusted EBITDA
(unaudited)
(in thousands)

 

 

 

Three months ended September 30,

 

Six months ended September 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

Net income

 

$

6,517

 

 

$

3,915

 

 

$

10,223

 

 

$

5,163

 

Interest expense, net

 

1,643

 

 

1,901

 

 

3,360

 

 

3,890

 

Income tax provision

 

1,528

 

 

857

 

 

3,384

 

 

983

 

Depreciation and amortization

 

5,318

 

 

4,193

 

 

9,936

 

 

8,617

 

EBITDA

 

$

15,006

 

 

$

10,866

 

 

$

26,903

 

 

$

18,653

 

Restructuring income (a)

 

(4,198

)

 

 

 

(5,990

)

 

 

Stock-based compensation

 

4,004

 

 

4,193

 

 

7,930

 

 

8,824

 

Other non-cash and non-recurring costs (b)

 

143

 

 

28

 

 

632

 

 

575

 

Adjusted EBITDA

 

$

14,955

 

 

$

15,087

 

 

$

29,475

 

 

$

28,052

 

(a) Represents restructuring income related to the e.l.f. store closures. The three and six months ended September 30, 2019 include a gain related to settlement of outstanding lease liabilities equal to the difference between the amount of cash disbursed and the outstanding liability at the time of settlement.

(b) Represents various non-cash or non-recurring costs, including costs related to Project Unicorn, a fixturing and packaging transformation initiative and the automation of certain warehouse and distribution activities.

e.l.f. Beauty, Inc. and subsidiaries
Reconciliation of GAAP SG&A to non-GAAP adjusted SG&A
(unaudited)
(in thousands)

 

 

 

Three months ended September 30,

 

Six months ended September 30,

 

 

2019

 

2018

 

2019

 

2018

Selling, general, and administrative expenses

 

$

38,444

 

 

$

32,656

 

 

$

70,499

 

 

$

66,447

 

Stock-based compensation

 

(4,004

)

 

(4,193

)

 

(7,930

)

 

(8,824

)

Other non-cash and non-recurring costs (a)

 

(180

)

 

(28

)

 

(507

)

 

(270

)

Adjusted selling, general, and administrative expenses

 

$

34,260

 

 

$

28,435

 

 

$

62,062

 

 

$

57,353

 

(a) Represents various non-cash or non-recurring costs, including costs related to Project Unicorn and the automation of certain warehouse and distribution activities.

e.l.f. Beauty, Inc. and subsidiaries
Reconciliation of GAAP net income to non-GAAP adjusted net income
(unaudited)
(in thousands, except share and per share data)

 

 

 

Three months ended September 30,

 

Six months ended September 30,

 

 

2019

 

2018

 

2019

 

2018

Net income

 

$

6,517

 

 

$

3,915

 

 

$

10,223

 

 

$

5,163

 

Restructuring income (a)

 

(4,198

)

 

 

 

(5,990

)

 

 

Stock-based compensation

 

4,004

 

 

4,193

 

 

7,930

 

 

8,824

 

Other non-cash and non-recurring costs (b)

 

143

 

 

28

 

 

632

 

 

575

 

Amortization of acquired intangible assets (c)

 

1,720

 

 

1,754

 

 

3,440

 

 

3,508

 

Tax Impact (d)

 

(481

)

 

(1,485

)

 

(1,597

)

 

(3,211

)

Adjusted net income

 

$

7,705

 

 

$

8,405

 

 

$

14,638

 

 

$

14,859

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - diluted

 

50,939,915

 

 

49,123,703

 

 

50,628,704

 

 

49,275,196

 

Adjusted diluted earnings per share

 

$

0.15

 

 

$

0.17

 

 

$

0.29

 

 

$

0.30

 

(a) Represents restructuring income related to the e.l.f. store closures. The three and six months ended September 30, 2019 include a gain related to settlement of outstanding lease liabilities equal to the difference between the amount of cash disbursed and the outstanding liability at the time of settlement.

(b) Represents various non-cash or non-recurring costs, including costs related to Project Unicorn and the automation of certain warehouse and distribution activities.

(c) Represents amortization expense of acquired intangible assets consisting of customer relationships and favorable leases.

(d) Represents the tax impact of the above adjustments.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191106005909/en/

CONTACT: Investors:

Willa McManmon,

Vice President IR and Corporate Communications, e.l.f Cosmetics

(650) 960-5177Media:

Alecia Pulman,

ICR, Inc.

(203) 682-8200

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ONLINE COSMETICS RETAIL ENTERTAINMENT SPECIALTY

SOURCE: e.l.f. Beauty

Copyright Business Wire 2019.

PUB: 11/06/2019 04:05 PM/DISC: 11/06/2019 04:05 PM

http://www.businesswire.com/news/home/20191106005909/en