Ulta Beauty GAAP EPS of $6.47 beats by $0.19, revenue of $2.7B misses by $30M

• Ulta Beauty (NASDAQ:ULTA): Q1 GAAP EPS of $6.47 beats by $0.19.
• Revenue of $2.7B (+3.8% Y/Y) misses by $30M.
• Comparable Sales Increased 1.6%Net Income of $313.1 Million
• The Company has updated its outlook for fiscal 2024:

Comparable Sales is now expected to be 2-3% vs the previous outlook of 4-5%. This represents Net Sales of $11.5-6B vs previous outlook of $11.7-$11.8B.

Operating margin is now expected to contract to 13.7%-14.0% vs previous expectation of 14.0-14.3%. Diluted EPS is now expected to be $25.20-$26.00 vs previous outlook of $26.20-$27.00.

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