Shares of cosmetics company e.l.f. Beauty (NYSE: ELF) soared on Thursday after the company reported third-quarter financial results for its fiscal 2023 and raised its outlook going forward. As of 12:40 p.m. ET, e.l.f Beauty stock was up 14%.
e.l.f. Beauty makes cosmetic products that are primarily sold at big-box retailers -- Walmart and Target combined account for nearly half of the company's sales. But the company also sells products through its e-commerce channels. And sales are doing well all around. According to yesterday afternoon's report, Q3 net sales were up 49% year over year to $146.5 million, thanks in part to market-share gains in the cosmetics space .
Particularly encouraging to investors was the sharp acceleration in e.l.f Beauty's growth. In the first half of its fiscal 2023, net sales were up 30% from the comparable period of fiscal 2022. However, the company looks to be hitting its stride with the 49% growth rate in Q3.
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Why e.l.f Beauty Stock Soared Today