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Shares of e.l.f. Beauty rose after hours on Wednesday after the cosmetics maker boosted its full-year outlook, as shoppers continue to seek out lower-priced cosmetics and as its acquisition of Hailey Bieber’s minimalist beauty and skincare brand Rhode shows signs of paying off.
The company
ELF said it now expects full-year sales of $1.6 billion to $1.612 billion, up from a prior forecast for $1.55 billion to $1.57 billion, as demand for Rhode, which e.l.f. bought last year for $1 billion, exceeds expectations.