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00:02Elf Beauty's fiscal first quarter profits nearly doubled after the company received federal tariff
00:07refunds, according to CNBC. The cosmetics company received about $50 million in tariff refunds and
00:12interest, nearly doubling net income and increasing gross margin by 14 percentage points.
00:17Elf Beauty reported fiscal first quarter adjusted earnings of $1.75 per share on revenue of $479.4
00:24million, beating analyst estimates of $0.71 per share and $430 million, respectively.
00:31CEO Tarang Amin said the company plans to reinvest the refunds into pricing and marketing across
00:36its brands. The company raised its full-year sales outlook to between $1.94 billion and $1.97
00:43billion, above analyst expectations and its prior guidance. Elf also said testing showed
00:48most price reductions did not increase demand, although select products such as Cream Glide
00:53Lip Liner saw stronger unit growth after lower pricing. For all things money, visit Benzinga.com.
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