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April 14, 2021, 11:40 a.m. EDT

E.L.F. Beauty sees 70% point-of-sale increase heading into April with help from Grammy-winning artist Alicia Keys

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By Tonya Garcia

E.L.F. Beauty Inc. /zigman2/quotes/202760864/composite ELF -0.98% saw a 70% point-of-sale jump in the four weeks ending April 4, according to IRI data presented in a D.A. Davidson note. D.A. Davidson increased its E.L.F. Beauty price target to $34 from $27, maintaining its buy stock rating. Analysts attributed the sales increase to marketing programs, stimulus checks and easier comps. Analysts also say that Keys Soulcare , the beauty brand E.L.F. launched in collaboration with Grammy-winning artist Alicia Keys during the third quarter, was a contributor. Keys Soulcare items are on Ulta Beauty Inc. /zigman2/quotes/210513442/composite ULTA +0.77% shelves as well as in stores around the world and online. Beauty and personal care sales rose 16% in 2020 with consumers turning to do-it-yourself products and techniques during COVID-19, according to NielsenIQ data. African Americans and Latinos have been experimenting and spending "substantially more" than other racial groups, according to NielsenIQ. "The sharp rise in Black-owned beauty brands has allowed African Americans to discover an entirely new world of products that are specifically geared towards them and their at-home needs, further fueling consumers' newfound preference for natural beauty and DIY self care," the report said. "Hispanic and African American consumers have a track record of far out-spending other ethnic groups when it comes to beauty and personal care, and we can expect multicultural consumers to fuel cosmetics growth into 2021 as they look for products that enhance their natural beauty rather than mask it." E.L.F. Beauty stock was up 2.3% in Wednesday trading, and has gained 14.7% for the year to date, outpacing the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.64% , which is up 10.3% for 2021 so far. Also see: Cosmetics brand E.L.F. is partnering with Chipotle on a burrito- and guacamole-inspired makeup line

/zigman2/quotes/202760864/composite
US : U.S.: NYSE
$ 30.27
-0.30 -0.98%
Volume: 229,002
May 7, 2021 2:44p
P/E Ratio
266.98
Dividend Yield
N/A
Market Cap
$1.57 billion
Rev. per Employee
$1.35M
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/zigman2/quotes/210513442/composite
US : U.S.: Nasdaq
$ 319.39
+2.43 +0.77%
Volume: 475,394
May 7, 2021 2:48p
P/E Ratio
103.36
Dividend Yield
N/A
Market Cap
$17.56 billion
Rev. per Employee
$166,269
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/zigman2/quotes/210599714/realtime
US : S&P US
4,228.71
+27.09 +0.64%
Volume: 1.33B
May 7, 2021 2:49p
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