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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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      "text": "Yet, ELF serially raised guidance starting with this call – even as it was dropping its China purchase volumes by ~2/3:",
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      "text": "Q2 FY24 – raised FY24 organic net sales growth to 46% to 48% from 37% to 39%\nQ3 FY24 – raised FY24 net sales growth to 69% to 71% from 55% to 57%\nQ4 FY24 – gave FY25 net sales growth of 20% to 22%\nQ1 FY25 – raised FY25 net sales growth to 25% to 27% from 20% to 22%\nQ2 FY25 – raised FY25 net sales growth to 28% to 30% from 25% to 27%",
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      "text": "ELF is likely placing its orders at least 90 days in advance of receiving product in the U.S. With imports plunging per our data starting in February 2024, this implies that ELF had greatly reduced its planned purchases by the time of its Q2 FY24 call on November 1, 2023",
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