July 23, 2024

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Ulta Beauty (ULTA) Q3 2023 earnings

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Shares of Ulta Beauty rose in after-hours trading Thursday, as the company said its third-quarter sales rose while shoppers showed once again they’re willing to spend on fragrances, skin care and more even when the budget is tight.

The specialty beauty retailer raised the bottom end of its range for full-year sales and earnings expectations. It said it expects net sales for the fiscal year to be between $11.10 billion and $11.15 billion, and comparable sales to range from 5.0% to 5.5%. It said adjusted earnings per share for the year will range from $25.20 to $25.60.

On an earnings call with investors, CEO Dave Kimbell said the retailer saw healthy traffic at its stores and on its website. He said the company expects a more promotional holiday season in the beauty category this year, but the season is “off to a good start” and stores are stocked with “both value-first and splurge-worthy items.”

“Our insights suggest that consumers are ready to celebrate even as they navigate in an uncertain economic environment,” he said.

Here’s what Ulta reported for the three-month period that ended Oct. 28:

  • Earnings per share: $5.07
  • Revenue: $2.49 billion

It was not clear if those numbers were comparable to consensus estimates from LSEG, formerly known as Refinitiv.

The company’s shares rose as much as 10% in extended trading.

Ulta also announced a leadership change Thursday. Chief Financial Officer Scott Settersten is retiring in April after nearly two decades at the beauty retailer. The company said he will be replaced by Paula Oyibo, Ulta’s senior vice president of finance.

In the fiscal third quarter, net income rose to $249.5 million, or $5.07 per share, from $274.6 million, or $5.34 per share, in the year-ago period. Revenue increased from $2.34 billion in the year-ago period.

Comparable sales, a metric that tracks Ulta stores open at least 14 months along with online sales, increased 4.5% year over year.

During the quarter, customers made more trips to Ulta’s stores and website,…

2023-11-30 17:34:02

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