Ulta Beauty Q2 2022: outlook raised as net sales jump 16.8 percent

Ulta Beauty Q2 2022: outlook raised as net sales jump 16.8 percent

THE WHAT? Ulta Beauty has announced its results for the second quarter of the current financial year. The US retailer saw net sales rise 16.8 percent to US$2.3 billion in the three months to July 30, 2022 versus the equivalent period last year.

THE DETAILS Gross profit increased 16.3 percent to US$928.2 million, and diluted earnings per share leapt 25 percent to US$5.70.

The company has upped its predictions for fiscal 2022 accordingly, now forecasting net sales of US$9.65 to US$9.75 billion for the year versus the US$9.35 to US$9.55 billion previously announced. EPS is expected to hit somewhere between US$20.70 and US$21.20, more than a dollar higher than the previous figure.

THE WHY? Dave Kimbell, Chief Executive Officer, explains, “Strong consumer demand and broad-based momentum across our business continued as our teams executed our plans with excellence. For the quarter, we delivered double-digit comparable sales growth across all major categories and increased profitability, demonstrating the strength of our model and the commitment of our teams.”

Kimbell continued, “As we look to the second half of the year, we continue to operate in a dynamic environment, but I am confident that our unique model and one-of-a-kind assortment, paired with the strong emotional connection guests have to Beauty, position us well to continue to deliver profitable growth.”