Ulta Beauty ups guidance for FY24

Net sales at Ulta Beauty increased 3.5 percent to 2.7 billion dollars driven by increased comparable sales, new store contribution, and growth in other revenue.

For FY24, the company expects net sales to be in the range of 11.7 billion dollars to 11.8 billion dollars, comparable store sale growth between 4 percent to 5 percent and diluted earnings per share in the range of 26.20 dollars to 27 dollars.

Commenting on the company’s financial performance, Dave Kimbell, chief executive officer of Ulta Beauty said: “I remain confident in our differentiated model, the resilience of the beauty category, and our ability to execute against our plans, but we have adjusted our annual guidance as we anticipate the dynamics we faced in the first quarter to continue for the balance of the year.”

Ulta Beauty’s comparable sales increased 1.6 percent, driven by a 1.3 percent increase in transactions and a 0.3 percent increase in average ticket.

The company’s gross profit increased 1.4 percent to 1.07 billion dollars, net income declined to 313.1 million dollars, while diluted earnings per share were 6.47 dollars.

During the first quarter, the company operated 1,395 stores including 12 new stores.