“After significant variability in consumption trends over the past year from the combination of COVID and stimulus-related spending, we believe our weekly sales levels have rebased to higher and more normalized go-forward rates.”

In context

“strategic imperatives and supporting strategic extensions. Now let’s turn to fiscal ‘23 guidance. For the full year we expect net sales growth of approximately 10% to 12%, adjusted EBITDA between $80.5 million to $82 million, adjusted net income between $43.5 million to $45.5 million and adjusted EPS of $0.78 to $0.81 per diluted share. We expect a fully diluted share count of approximately 56 million shares and our fiscal ‘23 adjusted tax rate to be approximately 27% to 28%. Let me provide you with additional color on our planning assumptions for fiscal ‘23. Starting with top line, we expect to post double digit top line growth in each quarter of fiscal ‘23. As Tarang discussed, we are bullish on the cosmetics category and our ability to gain share. Our consumption trends remain strong. After significant variability in consumption trends over the past year from the combination of COVID and stimulus-related spending, we believe our weekly sales levels have rebased to higher and more normalized go-forward rates. Turning to gross margin, we expect gross margin to be flat to slightly up year-over-year with benefits from pricing, margin accretive mix and cost savings helping to offset elevated transportation costs. As we discussed last quarter, we increased prices mid-March to help offset the elevated cost environment we’re seeing. These price increases impacted approximately two-thirds of e.l.f. Cosmetic skews, as well as certain items within Keys Soulcare and W3LL PEOPLE. While this round of pricing was broader than previous rounds, our opening price points on e.l.f. remain unchanged, enabling us to continue to deliver high-quality products at an extraordinary value. It’s still early days, but we are encouraged that initial volume elasticities are trending better than our expectations. Turning n”