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Ulta Beauty (NASDAQ: ULTA) reported its financial results for the first quarter of fiscal 2024, ending May 4, 2024. The company achieved net sales of $2.7 billion, a 3.5% increase from the previous year's $2.6 billion. Comparable sales grew by 1.6%, driven by a 1.3% rise in transactions and a 0.3% increase in the average ticket. Net income stood at $313.1 million, equating to $6.47 per diluted share, down from $347.1 million or $6.88 per share in Q1 2023.
Gross profit saw a slight increase to $1.07 billion, although the gross margin decreased to 39.2% from 40.0%. Operating income fell to $400.9 million, representing 14.7% of sales, compared to 16.8% in the previous year. SG&A expenses rose by 8.8% to $665.9 million.
Ulta opened 12 new stores and closed 2, bringing the total to 1,395 stores. The company repurchased 588,004 shares worth $285.1 million in Q1 2024. Updated FY24 guidance predicts net sales between $11.5 billion and $11.6 billion, and diluted EPS between $25.20 and $26.00.
Ulta Beauty (NASDAQ: ULTA) has announced CEO Dave Kimbell and CFO Paula Oyibo will participate in a Fireside Chat at the William Blair 44th Annual Growth Stock investor conference on June 4, 2024, at 9:40 a.m. Eastern Time.
Additionally, President and COO Kecia Steelman, along with CFO Paula Oyibo, will participate in another Fireside Chat at the Oppenheimer 24th Annual Consumer Growth and E-Commerce Conference on June 12, 2024, at 11:15 a.m. Eastern Time.
Both events will be webcast live on the Ulta Beauty investor relations website, with replays available for a time.
Ulta Beauty (NASDAQ: ULTA) has announced that it will release its first quarter fiscal 2024 financial results on May 30, 2024, after market close. The company will hold a conference call at 4:30 p.m. ET / 3:30 p.m. CT to discuss the results. Investors and analysts can join the call by dialing (877) 704-4453 or listen to the live audio webcast on Ulta Beauty's Investor Relations website. A replay of the call will be available online approximately two hours after the live event and will remain accessible for 30 days.
Ulta Beauty announced a strategic mission focusing on well-being for women and teens, with the Ulta Beauty Charitable Foundation committing over $3 million in 2024 to support mental health and well-being initiatives. The foundation aims to enhance holistic well-being by empowering women and teens through resources that boost confidence, improve physical health, and create a sense of belonging. Inspired by the strong connection between beauty and wellness, the foundation will collaborate with nonprofit partners to promote coping skills, healthy bodies, and supportive relationships. Ulta Beauty is reinforcing its commitment to well-being by launching a national fundraising campaign to support organizations like Big Brothers Big Sisters, The Jed Foundation, Active Minds, and Girls Inc. The foundation will also focus on supporting BIPOC and LGBTQ+ communities to ensure inclusive well-being efforts. Ulta Beauty will continue its long-standing support for the Breast Cancer Research Foundation and provide year-round resources to enhance the well-being of its associates.