Ulta Beauty Inc (NASDAQ:ULTA) shares are trading lower in Thursday’s after-hours session on the heels of the company’s quarterly results.
- Q1 Revenue: $2.63 billion beat estimates of $2.62 billion
- Q1 EPS: $6.88 beat estimates of $6.87
Ulta Beauty narrowly beat estimates and raised full-year 2023 guidance, but the company’s forecast is still below analyst expectations.
Ulta raised its revenue outlook from a range of $10.95 billion to $11.05 billion to a range of $11 billion to $11.1 billion versus estimates of $11.12 billion.
“While we expect the operating environment to continue evolving, we remain confident in the resilience of the beauty category and in our ability to drive share and profitable growth with our proven business model, a diverse, best-in-class assortment, an industry-leading loyalty program, and our world-class team,” said Dave Kimbell, CEO of Ulta Beauty.
Ulta ended the quarter with $636.4 million in cash and equivalents. Merchandise inventories rose year-over-year to $1.75 billion from $1.57 billion.
The company said it repurchased $285.8 million in common stock in the first quarter.
Ulta will hold a conference call to discuss these results at 4:30 p.m. ET.
ULTA Price Action: Ulta shares were down 9.30% after hours at $440.00 at the time of publication, per Benzinga Pro.
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