Ulta Beauty Tops Earnings Forecast, Boosts Outlook; Target Price $452 in Best Case
The Bolingbrook, Illinois-based makeup & cosmetic products retailer Ulta Beauty reported better-than-expected earnings in the first quarter and lifted its full-year 2021 outlook, sending its shares up over 5% on Friday.
The largest U.S. beauty retailer said its net sales increased 65.2% to $1.9 billion compared to $1.2 billion in the first quarter of fiscal 2020. The net sales increase during the first quarter of fiscal 2021 was primarily due to the favorable impact in the U.S. from improving consumer confidence, government stimulus payments and the easing of COVID-19 restrictions.
Ulta Beauty reported diluted earnings per share of $4.10, including a $0.03 benefit due to income tax accounting for share-based compensation, compared to diluted loss per share of $1.39 in the first quart ...