Insight: Store Checks Signal Early Traction as Fall Innovation Cycle Ramps

研报英文原文证据摘录

Insight: Store Checks Signal Early Traction as Fall Innovation Cycle Ramps

V 0.90 0.27 1.48 0.66 3.31

In-Store Observations Indicate Early Velocity, w/ OOS Emerging in Key SKUs: Initial checks across

WMT, TGT, ULTA & digital channels point to strong traction of new complexion and lip launches. Exhibit 1 - ELF Weekly Web Traffic & Launch

The Set It Bright Powder Quad appears to be the standout, w/ multi-shade stockouts across DTC & Announcements

1,000,000 Wk of 3/25/24:Setting SprayPower Grip Wk ofInnovationLaunches5/25/26: FallTikTok Shop and fully sold out at WMT; at TGT, visible shelf gaps suggest similar sell-thru despite 900,000

800,000 WkOil*,ofClean11/25/24:QueenCleanerGlowBrush/SpongeReviver Lip Wk of Melting11/24/25:Lip GlowBalm*Reviver

700,000limited signage. The Main Stain Lip Marker is also tracking well, w/ hero shade Hotvine sold out

across channels and ~71K units sold on TikTok Shop, pointing to strong early engagement. Soft 500,000400,000600,000

300,000 WkGlam Cream Bronzer & Blush are seeing more measured but solid demand, w/ selective shade-level 200,000 ofFreak6/2/25:

Eyeshadows*, BiteLipTint,SizedLiner*,Clean

100,000 Purple DailyHalo553,975CreamCleanser,GripGlowPrimer*GlideSkin

stockouts. Across checks, we are seeing early stockouts within days of shelf placement, particularly -

at WMT, which we view as indicative of strong initial velocity. While still early, these trends support .

Source: Jefferies, SimilarWeb

a step-up in innovation productivity vs the softer spring cycle, with potential to benefit near-term * = new shade/finish launched

unit trends as replenishment cycles ramp.

Exhibit 2 - Launch Cadence vs Sales Growth

Web Traffic & Scanner Data Track w/ Launch Cadence: Web traffic (ex 1) appears to spike around (Y/Y)