2025-05-15-Jefferies-热门美容见解第131卷ELF国际扩张与店铺检查_6页_87kb

Jefferies Weekly Beauty Insights Vol. 131: ELF

• ELF International Expansion: ELF expanded into Kruidvat and Trekpleister stores in Belgium and the Netherlands; 2025 F3Q international sales grew +66% YoY, now accounting for ~20% of total sales.

• MAC Appointments: MAC appointed Nicola Formichetti as Global Creative Director to enhance innovation and creative vision through campaigns and retail experiences.

• SBH Earnings: Q2 sales fell short of estimates due to a harsh flu season; total comps were -1.3%, but GM% improved due to cost controls; management see mitigated tariff risks.

• WALD Earnings: Q1 net sales declined 4% driven by Milk sub-brand; however, innovation and headwinds are expected to drive acceleration in both brands.

• Mother's Day Weekend Checks: Fragrances secured significant shelf space; inventory levels were generally full but inconsistent; promotions were widespread across retailers.

• Beauty Scanner Data: T4Wk mass beauty sales increased YoY to +2.3%; fragrance category led growth (+19% YoY), while makeup sales were flat YTD; ELF outperformed competitors in the latest week.

• Valuation & Ratings: ELF recommended "Buy" with a price target of $77.15; other companies (Bath & Body Works, L'Oreal, e.l.f. beauty, Olaplex, SBH, Estee Lauder, WALD) were rated "Hold": e.l.f. beauty ($77.15) and WALD Acquisition Corp ($2.40) received "Buy" ratings.