Ulta Beauty Raises Outlook for 2024

Investing.com — Ulta Beauty Inc (NASDAQ:ULTA) raised its full-year 2024 outlook on Thursday due to steady demand for skincare and makeup products, resulting in a 10.5% rise in shares during after-hours trading.

Excluding items, Ulta earned $5.14 per share in the third quarter, a slight increase from $5.07 per share a year earlier. Net sales for the quarter ending November 2 reached $2.49 billion.

CEO Dave Kimbell stated, "The Ulta Beauty team delivered better-than-expected sales and profitability, reflecting improved sales trends and strong financial discipline."

Kimbell expressed confidence in the company's long-term growth strategies and its status as a leading destination for beauty enthusiasts.

Despite consumer spending pressures in the U.S., demand for beauty and personal care products remains resilient.

Ulta now expects adjusted earnings per share for fiscal 2024 to range from $23.20 to $23.75, an increase over the prior forecast of $22.60 to $23.50.

Additionally, the company raised its lower end of the net sales guide to $11.1 billion to $11.2 billion, up from its earlier projection of $11.0 billion to $11.2 billion.