Ulta Beauty beats fiscal Q1 estimates, raises full-year EPS outlook; shares jump after hours

According to CNBC, Ulta Beauty reported fiscal first-quarter earnings per share of $7.74 on revenue of $3.16 billion, topping Wall Street estimates of $6.86 and $3.10 billion, respectively, and shares rose as much as 7% in extended trading. Net sales increased about 11% for the three-month period ended May 2, while comparable sales rose 5.3% versus StreetAccount estimates of 4.6%; the retailer reaffirmed its full-year same-store sales and revenue projections but lifted full-year EPS guidance to $28.36 to $28.80 from $28.05 to $28.55. CEO Kecia Steelman said the quarter included the launch of Ulta’s TikTok Shop focused on Ulta-specific products and more than 20 new brand launches, including Rare Beauty, and the company said fragrances were its strongest category, rising from 11% to 12% of total revenue.