Ulta Beauty plans to boost sales after Q1 slowdown, positive.

From NBC News: 2024-05-30 18:20:08

Ulta Beauty plans to boost sales after Q1 slowdown, with comparable sales up 1.6% YoY. CEO Kimbell warned of cooling demand in the beauty category. Company to take action in key areas like enhancing assortment and digital experience. Ulta will expand partnership with DoorDash and utilize app for same-day delivery and personalized shopping.
Ulta reported Q1 EPS of $6.47 vs. $6.24 expected and revenue of $2.73 billion vs. $2.72 billion expected. Net income was $313.1 million, a decrease from $347.1 million a year earlier. Ulta revised full-year guidance for net sales to $11.5-$11.6 billion and comparable sales to 2-3%, down from previous guidance.
Ulta shares surged after earnings, CEO Kimbell plans to reinforce leadership position and accelerate growth. Company tests new gamification platforms and commits to enhancing marketing technology. Analysts see beauty category resilience as consumers prioritize beauty products. Ulta’s market value is about $18.5 billion.



Read more at NBC News:: Ulta Beauty (ULTA) earnings Q1 2024