On Wednesday, e.l.f. Beauty reported its fourth-quarter and full-year fiscal 2026 earnings. On the surface, it was the usual dense buffet of corporate earnings jargon: net sales, gross margin, adjusted EBITDA, diluted EPS, guidance, tariffs, oil prices, supply chain exposure, price elasticity, currency fluctuations, SG&A expenses, and all the other thrilling phrases that make normal people's eyes glaze over. The headline numbers were solid. For …
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