Ulta Beauty (ULTA) 2021 Q1 Earnings Report

Ulta Beauty Inc (NASDAQ:ULTA) was established in 1990 with the concept of providing all beauty products under one roof.  The wide range of brands gradually helped the company to become one of America’s biggest cosmetics companies. Ulta has an extensive product portfolio comprising cosmetics, fragrance, skin and hair products, and many more.

The Illinois-based beauty retailer recently announced better-than-expected financial results for the first quarter. Ulta reported earnings of $4.10 per for the three months ended May 1, compared to a loss of $1.39 in the year-ago quarter. Analysts, on average, were expecting Ulta to report earnings of $1.95 per share.

Revenue for the quarter climbed 65.2 percent on a year-over-year basis to $1.9 billion, topping the consensus forecast of $1.65 billion. Quarterly sales were mainly driven by improving the U.S. economy and ease in the Covid-19 restrictions. Comparable sales in the quarter jumped 65.9 percent, significantly higher than the 39 percent rise projected by analysts.

Speaking on the results, Ulta’s president Dave Kimbell said, “We have emerged from 2020 with strong momentum in our sales trends, market share gains, and consumer sentiment. As increasing consumer confidence, the relaxation of restrictions, and a desire for newness drive increased engagement with the beauty category, our differentiated model, combined with our ongoing efforts to create meaningful guest connections, position us well to lead through the category recovery.”

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Ulta also raised its revenue guidance for fiscal 2021. It is now expecting revenue in the range of $7.7 billion to $7.8 billion for the full year, compared to its previous outlook between $7.2 billion to $7.3 billion.

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