Spa and beauty specialist Ulta Beauty (Nasdaq: ULTA) reported higher sales and earnings for the first quarter of 2019. Earnings exceeded analysts’ prediction, while sales missed. The company’s stock dropped during Thursday’s extended trading session following the report.
First-quarter net profit moved up to $192.2 million or $3.26 per share from $164.4 million or $2.70 per share in the comparable period of last year. The bottom-line also came in above Wall Street’s forecast.
Net sales of the cosmetics retailer advanced 13% annually to $1.74 billion during the three-month period. Total comparable store sales rose 7% year-over-year. However, the top line came in below the estimates
Net sales advanced 13% annually to $1.74 billion and total comparable store sales rose 7%
“We are driving operational excellence across the enterprise, while investing in growth initiatives to fuel the long-term success of Ulta Beauty. We are excited to announce our decision to expand internationally and establish Ulta Beauty as a successful global brand. Our first step in becoming a global beauty retailer will be to prepare to launch operations in Canada, ”said CEO Mary Dillon.
For fiscal 2019, Ulta Beauty expects earnings per share in the range of $12.83 per share to $13.03 per share. The forecast for comparable store sales growth is 6-7%. Capital expenditure is estimated to be between $380 million and $400 million.
Ulta Beauty stands out among its peers for expanding its market share steadily even when the market conditions turned hostile. The ongoing growth initiatives, including investments, continue to yield results. The company was successful in overcoming the general slump the cosmetic industry witnessed in the early part of last year.
The company’s stock reached an all-time high last month, crossing the $350-mark for the first time. After suffering a major loss towards the end of last year, the shares gained 32% so far this year. The shares closed Thursday’s trading higher.
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