Ulta Beauty (NASDAQ:ULTA) Beats Q1-2024 Earnings Expectations
Ulta Beauty (NASDAQ:ULTA) just announced its Q1-2024 earnings results (for the period ended April 2024), which beat both earnings and revenue expectations. Here are the highlights:
EPS of $6.47 vs. $6.25 expected — down about 6% year-over-year. Last year’s Q1 EPS was $6.88
Revenue of $2.73B vs. $2.72B expected — up 3.5% year-over-year. Last year’s Q1 revenue was $2.63 billion.
Updates full-year revenue guidance from $11.7-$11.8B to $11.5-11.6B.
Updates full-year EPS guidance from $26.20-$27.00 to $25.20-26.00. The downgrade comes as the firm anticipates the “dynamics” it faced in Q1 to continue for the rest of the year. At the midpoint, this implies a 1.65% drop from last year’s EPS of $26.03.
Comparable sales increased 1.6%.
Gross margin of 39.2% vs. 40% the year earlier.
Ulta repurchased 588,004 shares for a total price of $285.1 million. That’s 1.53% of its current market cap.
Free cash flow fell to $68.316M from 195.14M last year.
In the quarter, Ulta opened 12 new stores, while closing two and relocating one.
Here’s how ULTA’s long-term revenue trend looked going into the earnings report. With this earnings report, its TTM sales figure now sits at $11.31B compared to $11.21B before.
Here’s how ULTA’s EPS looked going into the quarter.
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