Ulta Beauty Reports Mixed Q1 Results, Lowers Full-Year Guidance

Despite exceeding earnings expectations, Ulta Beauty adjusts its 2024 forecast due to anticipated market challenges.

Ulta Beauty's Q1 earnings per share were $6.47, surpassing the $6.18 estimate.
Revenue for the quarter rose 3.5% year-over-year to $2.73 billion.
Comparable store sales increased by 1.6%, driven by higher transactions and average ticket values.
The company revised its full-year net sales forecast to $11.5-$11.6 billion, down from $11.7-$11.8 billion.
Ulta's CEO cited a dynamic operating environment and increased competition as factors for the adjusted guidance.