THE WHAT? Ulta Beauty has reported its results for the second quarter of fiscal 2023. In the 13 weeks to July 29. 2023, the US beauty retailer saw net sales rise 10.1 percent versus the prior-year quarter to US$2.5 billion and gross profit increased 7.1 percent to US$928.2 million.

THE DETAILS Ulta raised its outlook accordingly with net sales now forecast to hit US$11.05 billion to US$11/15 billion, and diluted earnings per share expected to reach US$25.10 to US$25.60.

THE WHY? Dave Kimbell, CEO, commented, “The Ulta Beauty team delivered another quarter of strong performance, with sales, gross profit, and SG&A expenses all better than our internal expectations. During the quarter, we drove growth across all major categories, increased the number of loyalty members, and strengthened engagement with the Ulta Beauty brand. In addition, our teams achieved important milestones for our multi-year, transformational investment agenda designed to drive efficiencies and support our future growth.”