Why e.l.f. Beauty Stock Jumped 11% at the Start of Trading Today
Shares of e.l.f. Beauty (NYSE: ELF) started the day with a giant leap higher, gaining as much as 11% in the first 30 minutes of the trading day. There was little doubt about why investors were so excited: The cosmetics maker and retailer released earnings after the close on May 21 and the numbers were beautiful.
Despite being a relatively small cosmetics company, e.l.f. Beauty put up impressive results in its just-ended fiscal 2020. The company gained 50 basis points of market share, increased sales 6%, and expanded its gross margin by three percentage points. Full year adjusted earnings declined a touch, but the roughly 4.5% year-over-year drop (on a higher share count) was really rather modest when compared against the many positives.
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Source Fool.com
