Ulta Beauty, Inc. (NASDAQ: ULTA) on Thursday reported first-quarter sales and profit that topped analysts’ estimates, sending its shares to all time high.
The beauty retailer said profit rose 41.4 percent to $2.05 per share in the first quarter, including a $0.14 tax rate benefit. Excluding certain items, the company earned $1.91 per share, beating analysts’ estimate of $1.80 a share.
Total sales rose 22.5 percent to 1.31 billion in the quarter ended April 29, compared with $1.07 billion a year earlier. Analysts had estimated revenue of $1.27 billion.
“The Ulta Beauty team kicked off 2017 with excellent performance in the first quarter,” said Mary Dillon, Chief Executive Officer. “Strong execution of our growth strategies delivered above plan sales and earnings growth. Our results reflect continued newness and innovation in merchandising, successful marketing programs, steady progress in our salon business and exceptional growth in e-commerce.”
Comparable sales, a metric closely watched by Wall Street, increase 14.3 percent in the first quarter.
The company said the strong results benefited from new digital marketing tools the company implemented last year. It helped Ulta’s e-commerce business continue to build momentum. E-commerce sales jumped 70.9 percent to $104.3 million from $61.0 million in the first quarter of fiscal 2016.
Ulta’s shares rose as much as 3.4 percent to $303.14 per share in the early trading.
The company now expects second-quarter comparable sales to increase 10 percent to 12 percent.