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Hailey Bieber's cosmetics line Rhode is expected to increase E.l.f. Beauty 's annual sales by $200 million this fiscal year, but its new parent company's full-year guidance still fell below expectations, leading its stock to plunge 29% Wednesday.

E.l.f., which declined to release full-year guidance last quarter, is expecting full-year revenue to be between $1.55 billion and $1.57 billion, implying 18% to 20% sales growth. That's far below the $1.65 billion analysts were expecting, according to LSEG.

In an interview with CNBC, CEO Tarang Amin said Rhode, which the company acquired earlier this year in a blockbuster $1 billion deal, is expected to increase its annual sales by $200 million this fiscal year an

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