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25 Aug

Ulta Beauty Surpasses Estimates in Q2, Raises Full 12

Ulta Beauty Surpasses Estimates in Q2, Raises Full 12

Ulta has raised its full-year outlook on the back of better-than-expected second-quarter results as consumers proceed to open their wallets at the wonder counter despite an uncertain economic backdrop.

Net sales increased 16.8 percent year-over-year to $2.3 billion within the second quarter of the fiscal yr, in comparison with $2 billion in the identical period a yr earlier attributable to the “favorable impact from the continued resilience of the wonder category, the impact of recent brands and product innovation, and the easing of COVID-19 restrictions,” the corporate said. Analysts had forecasted sales of around $2.2 billion, in line with a Factset poll.

All major categories exceeded Ulta’s expectations, and the retailer increased market share in prestige beauty versus last yr. In comparison with the second quarter of 2021, each prestige and mass makeup delivered double-digit comp growth.

Net income increased 17.8 percent to $295.7 million in comparison with $250.9 million within the second quarter of fiscal 2021. Diluted earnings per share increased 25 percent to $5.70, compared with Wall Street estimates of $4.99.

“Strong consumer demand and broad-based momentum across our business continued as our teams executed our plans with excellence,” said Dave Kimbell, chief executive officer at Ulta. “For the quarter, we delivered double-digit comparable sales growth across all major categories and increased profitability, demonstrating the strength of our model and the commitment of our teams.”

Kimbell continued, “As we glance to the second half of the yr, we proceed to operate in a dynamic environment, but I’m confident that our unique model and one-of-a-kind assortment, paired with the strong emotional connection guests must beauty, position us well to proceed to deliver profitable growth.”

The corporate raised its outlook for fiscal 2022. It now expects net sales within the region of $9.65 billion to $9.75 billion, up from $9.35 billion to $9.55 billion. Diluted earnings per share are expected to be $20.70 to $21.20, up from $19.20 to $20.10.

“As we glance to the long run, we all know there shall be challenges, particularly with the wide-ranging impact of rising inflation, each on our business and our guests. But we remain confident within the resilience of the wonder category and our ability to guide the wonder category and drive long-term profitable growth,” added Kimbell during a call with analysts.

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