E.L.F Beauty said on Wednesday annual sales surged 77 percent to $1.02 billion, marking the strongest year of revenue growth ever at the U.S. beauty retailer.

For the fourth quarter ended March 31, net sales increased 71 percent to $321.1 million, primarily driven by strength across the firm’s retailer and e-commerce channels.

Net income for the quarter fell to $14.5 million on a GAAP basis, compared to $16.2 million in the prior-year period, while annual net income surged to $127.7 million for the twelve months, compared to $61.5 million. 

​“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.

“In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. 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.”

Looking ahead, the company expects a 20-22% increase in net sales for the fiscal 2025 year.

In October, E.L.F Beauty closed on its acquisition of Naturium, a fast-growing, high performance skin care brand, for $333 million in a combination of cash and company stock. The company said the acquisition “furthers its mission to make the best of beauty accessible to every eye, lip, face and skin concern.”