Ulta Beauty posted its first quarter earnings that surpassed analysts' expectations. Revenue, too, beat expectations.
The beauty/cosmetics company’s earnings came in at $6.28 per share, well above the $4.44 expected by analysts polled by Investing.com. Revenue rose +21% from the year-ago quarter to $2.35 billion also exceeding expectations of $2.12 billion.
Relaxation of pandemic-driven restrictions have proven to be beneficial for the company. Comparable store sales climbed + 18% from the year-ago month, on the back of a 10% jump in transactions and a 7% increase in each sale size.
Ulta boosted its forecast for the 2022 fiscal year, to a range of 6 percent to 8 percent year-on-year sales growth, to between $9.35 billion and $9.55 billion. Chief executive officer Dave Kimbell indicated that while inflation remains a concern, he was optimistic by consumers’ “emotional connection” to beauty.