Beauty retailer Ulta shares jump after lifting full year outlook

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

Excluding items, Ulta earned $5.14 per share in the third quarter, up from $5.07 per share a year earlier. Net sales for the quarter ended November 2 came in at $2.49 billion.

“Ulta Beauty team delivered better-than-expected sales and profitability reflecting improved sales trends and strong financial discipline,” chief executive officer, Dave Kimbell said.

Kimbell added that the company remains confident in its strategies to drive long-term growth and strengthen its position as a leading destination for beauty enthusiasts.

Demand for beauty and personal care products has remained resilient in the U.S. despite pressure on consumers’ discretionary spending.

Ulta now expects adjusted earnings per share for fiscal 2024 to range between $23.20 and $23.75, up from its prior forecast of $22.60 to $23.50.

The company also bumped its lower end of the net sales guide to $11.1 billion to $11.2 billion, compared with its earlier projection of $11.0 billion to $11.2 billion.