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Ulta Beauty Inc.
ULTA,
+7.09%
raised its full-year sales and earnings guidance Thursday following better-than-expected first-quarter results that reflected strong demand for beauty products.
The retailer now expects full-year sales between $9.35 billion and $9.55 billion on comparable sales growth of 6% to 8%. That’s up from guidance issued in March that called for $9.05 billion to $9.15 billion in sales and comparable sales up 3% to 4%.
The company also expects earnings per share between $19.20 and $20.10 for the full year, up from an earlier outlook of $18.20 to $18.70. They also expect slightly better operating margins.
Ulta maintained its other guidance, including for 50 new stores and approximately $900 million in share repurchases.
The raised view comes as retailers have reported mixed results recently, as they grapple with consumers impacted by rising inflation and ongoing supply chain issues.
Ulta shares rose about 6% in after-hours trading.
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