Ulta Beauty Exceeds Earnings Expectations and Raises Full-Year Guidance
Ulta Beauty reported second-quarter results that exceeded Wall Street's expectations with net sales rising to $3 billion, up 8.9% year-over-year. The increase was driven by strong comparable store sales, the acquisition of Space NK, and new store openings. Earnings per share came in at $6.55, surpassing estimates of $6.20. The company raised its full-year net sales guidance to a growth range of 6.7% to 7.2%, up from an earlier projection of 6% to 7%. Ulta's CEO highlighted strong performance in fragrance and K-Beauty categories, as well as progress on international expansion with store openings in Mexico and plans for new locations in the Middle East. Ulta also noted success with its beauty marketplace platform, which now features over 450 brands. The company recently ended a partnership with Target Corp., citing challenges from increased competition.
Topics: Beauty Retail Full-Year Forecast Raised Q2 Earnings Beat