Facing high oil prices and weak consumer demand, beauty brand e.l.f. Beauty plans to roll back some tariff-driven price increases.

The company’s CEO, Tarang Amin, admitted: “In the past few months, as consumers have suffered from high costs, our product sales have declined somewhat more than expected. We will test price reductions on more individual products to truly reshape our value-for-money advantage during this difficult time for consumers.” At the same time as e.l.f. announced its price reduction plan, the company released its fourth-quarter financial report, which exceeded Wall Street expectations in both revenue and profit, but its performance guidance failed to impress the market. (CNBC)