Ulta Beauty (NASDAQ:ULTA) shares increased in extended trading after the business posted third-quarter profits that above analyst estimates.
The beauty salon firm earned $5.34 per share on $2.3 billion in revenue, above analyst projections of $4.09 on $2.2 billion in revenue.
In comparison to the same period last year, net sales were boosted by the positive impact of continued beauty category resilience, retail price increases, and the impact of new brands and product innovation. Comparable sales increased 14.6% versus 25.8% in the third quarter of fiscal 2021, driven by a 10.7% increase in transactions and a 3.5% increase in average ticket.
Despite the challenging macro backdrop, the company said it performed well during the quarter.
“Our third-quarter results show the beauty category’s continued resiliency, as well as the deep emotional connection and loyalty we have developed with our guests. I am sure that our business model, which provides unrivaled breadth, value, and convenience, is even more relevant today and opens up new chances to surprise visitors as we continue to lead the beauty category “Ulta Beauty CEO Dave Kimbell made the statement.
The stock is currently up more than 2% after gaining 1.65% during the regular session.
Ulta Beauty updated its fiscal 2022 estimate, now expecting earnings per share of $22.60 to $22.90, vs the average of $21.40, and sales of $9.95 billion to $10 billion, versus the expectation of $9.77 billion.
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