Ulta Beauty has once again exceeded expectations with its latest quarterly results, causing its stock to rise during after-hours trading. The cosmetics retailer reported adjusted earnings of $5.07 per share, surpassing analysts’ projected earnings of $4.96 per share. Revenue for the fiscal third quarter reached $2.49 billion, exceeding the estimated $2.47 billion.
In addition to its impressive financial performance, Ulta also raised the lower end of its guidance range for sales and earnings per share for fiscal 2023. Sales are now projected to range between $11.1 billion and $11.15 billion, a slight increase from the previous range of $11.05 billion to $11.15 billion. Earnings per share are expected to fall between $25.20 and $25.60, up from $25.10 to $25.60.
CEO Dave Kimbell expressed confidence in Ulta’s future prospects, stating, “As we look to the future, the outlook for the Beauty category is bright, and I am confident Ulta Beauty has the right plans in place to delight our guests this holiday season, expand our leadership position in specialty beauty retail, and deliver long-term shareholder growth.”
Furthermore, Ulta announced that its long-term chief financial officer, Scott Settersten, will be retiring in April 2024 after more than a decade in the role. Paula Oyibo, the current senior vice president of finance, has been chosen to succeed Settersten.
Following the positive news, Ulta’s stock experienced an 8.7% jump in after-hours trading, reaching $463.06 per share. However, the stock has seen a decline of 9.2% since the beginning of the year.
Overall, Ulta Beauty’s strong performance and strategic plans position the company for continued success in the beauty retail industry.
