Retail / news
Ulta Beauty Beats Q2 Expectations, Raises Full-Year Outlook
Ulta Beauty topped Wall Street estimates in its second quarter, with net sales up 8.9 percent to $3 billion, and lifted its full-year guidance.
The Bolingbrook, Illinois-based retailer reported diluted earnings per share of $6.55 for the quarter ended Aug. 1, a 13.3 percent increase, exceeding the $6.20 analysts had projected.
Net sales rose 8.9 percent to $3 billion, beating forecasts of $2.98 billion. The company attributed the growth to higher comparable sales, contributions from the Space NK acquisition and revenue from new stores.
Comparable sales increased 3.8 percent. During a call with analysts, CEO Kecia Steelman said fragrance and K-Beauty were particularly strong categories, boosted by new product launches.
The retailer has been expanding its reach with recent moves including international expansion, the launch of a marketplace, and plans for a new Times Square flagship in New York City.
Based on the stronger performance, Ulta Beauty raised its full-year forecasts. Steelman said the company is executing with discipline and translating its 'Ulta Beauty Unleashed' strategy into tangible benefits for guests.