Ulta Beauty Boosts Full-Year Outlook, Stock Rises 9%

Ulta Beauty (NASDAQ:ULTA) raised its full-year 2024 outlook, capitalizing on steady demand for skincare and makeup products. The announcement sent its shares soaring over 9% intra-day today.

For the third quarter, Ulta reported adjusted earnings per share of $5.14, an increase from $5.07 per share in the same period last year. Net sales for the quarter reached $2.49 billion.

Ulta attributed its better-than-expected performance to improved sales trends and robust financial discipline. Despite broader economic pressures on discretionary spending, demand for beauty and personal care products in the U.S. remained resilient.

In light of its strong results, Ulta revised its full-year fiscal 2024 guidance upward. The company now expects adjusted earnings per share to fall within the range of $23.20 to $23.75, up from the previous projection of $22.60 to $23.50. Additionally, Ulta raised the lower end of its net sales forecast to a range of $11.1 billion to $11.2 billion, compared to its prior range of $11.0 billion to $11.2 billion.