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Ulta Magnificence (ULTA) earnings Q3 2022

Customers line up outdoors of Ulta Magnificence earlier than the 6am opening on Black Friday.

Aimee Dilger | LightRocket | Getty Pictures

Ulta Beauty on Thursday boosted its outlook and surpassed Wall Road’s quarterly earnings and gross sales expectations, as buyers stored replenishing their make-up baggage even whereas paying extra on the grocery retailer.

CEO Dave Kimbell stated as buyers weigh their buying choices amid rising costs, they’re nonetheless selecting to spend on magnificence. In a information launch, he stated Ulta’s outcomes “mirror the sustained resilience of the sweetness class and the sturdy emotional connection and loyalty now we have cultivated with our company.”

Shares of the corporate touched a 52-week excessive of $477.08 on Thursday and rose one other 3% in aftermarket buying and selling.

Here is how the corporate did within the three-month interval ended Oct. 29, in contrast with Refinitiv consensus estimates:

  • Earnings per share: $5.34 vs. $4.15 estimated
  • Income: $2.34 billion vs. $2.21 billion estimated

Web revenue rose 27.5% to $274.6 million, or $5.34 per share, from $215.29 million, or $3.94 per share, a yr in the past.

Comparable gross sales soared by 14.6% yr over yr. That development comes on high of a 25.8% bounce within the year-ago interval and much surpasses the 8.8% improve that analysts anticipated for the third quarter, in accordance with StreetAccount.

The retailer stated it now anticipates full-year earnings of between $22.60 and $22.90 per share and full-year income of between $9.95 billion and $10 billion. That is nicely larger than a previous forecast of between $20.70 and $21.20 per share on income of between $9.65 billion and $9.75 billion.

The elevated steering additionally topped Wall Road expectations: Analysts had been searching for full-year projections of $21.40 earnings per share and $9.77 billion in income.

The corporate is estimating for the total yr its comparable gross sales will are available in 12.6% to 13.2% larger than the year-ago interval, versus a previous forecast of 9.5% to 10.5% development.

The corporate stated its sturdy third quarter was due partially to promoting merchandise at the next value level.

Ulta reported a revenue margin of 41.2%, considerably above the 39.6% it reported within the year-ago interval and the 39.3% that analysts had forecast, in accordance with StreetAccount estimates.

As of Thursday’s shut, Ulta shares are up about 15% to this point this yr. That compares to the S&P 500, which is down about 14% yr up to now. Shares of the corporate closed at $472.53, bringing the corporate’s market worth to about $24 billion.

This story is creating. Please examine again for updates.

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