Ulta Beauty, Inc. (NASDAQ: ULTA) has reported stronger-than-expected earnings and revenues for the first quarter of 2022. The beauty store chain also raised its full-year guidance for revenue and earnings.
At $2.3 billion, first-quarter net sales were up 21% from the prior-year period, and above the consensus estimates. Comparable store sales increased 18% during the three-month period.
Net income moved up to $331.4 million or $6.30 per share in the first three months of fiscal 2022 from $230.3 million or $4.10 per share in the same period of 2021. Analysts were looking for slower growth for the latest quarter.
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“Solid execution of our strategies, paired with strong guest demand, fueled our financial performance and continued market share gains as we delighted our guests with exciting brand launches within our one-of-a-kind assortment and differentiated guest experiences,” said Dave Kimbell, chief executive officer of Ulta Beauty.