E.l.f. Beauty is officially a billion-dollar business.

The mass beauty company surpassed $1 billion in sales in its fiscal 2024 ended March 31 for the first time, up 77 percent from fiscal 2023. This is faster than the company had expected to hit the significant milestone.

“Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered,” said Tarang Amin, E.l.f. Beauty’s chairman and chief executive officer. “As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for E.l.f. Beauty across cosmetics, skin care and international markets.” 

Net sales increased 71 percent to $321.1 million in the fourth quarter, primarily driven by strength across retailer and e-commerce channels. Analysts polled by FactSet had forecast $293 million.

Adjusted net income was $30.8 million, up from $23.8 million in 2023, while adjusted diluted earnings per share were 53 cents, blowing through Wall Street forecasts of 33 cents.

“We continue to build market share over 300 basis points,” said Amin in an interview with WWD. “This quarter was the first time we passed L’Oréal Paris to be the number-two brand nationally. We also passed Maybelline to be the number-one unit brand for the first time. At Target, our longest-standing national retail customer, not only were we their number-one brand, but we had almost 23 percent of their entire category. This makes me very bullish about being able to double our market share over the next few years in color cosmetics.”

Amin is also bullish about the company’s skin care offering. It acquired masstige brand Naturium in October for $333 million, stating that the acquisition furthered the company’s mission to make the best of beauty accessible to every eye, lip, face and skin concern. 

Internationally, the group continues to expand, entering Mexico through Sephora in the fall, marking the first time in that country and in that retailer. Sephora’s Mexico website mostly offered prestige color cosmetics brands.

“While Mexico is a small market, we believe it has great potential so we’re excited to be partnering with Sephora and the opportunity that may open for other countries as well,” said Amin.

Ulta Beauty is also making its international debut next year in Mexico. The Bolingbrook, Ill.-based beauty retailer has revealed a joint venture with Axo, a global brands operator, to launch and operate Ulta in Mexico in 2025.

But despite the second quarter results, E.l.f.’s share price dropped around 10 percent in after market trading as its 2025 outlook fell short of Wall Street estimates.

E.l.f. is expecting net sales between $1.23 billion and $1.25 billion, below Wall Street estimates of $1.27 billion. Adjusted net income is expected to come in between $187 million and $191 million, also coming in below forecasts of $3.51.

Its share price closed down 2.1 percent at $155.63.