Ulta Beauty (NASDAQ:ULTA), Inc saw its first-quarter 2023 revenue rise 12.3% year over year to $2.63 billion, while its earning per share (EPS) for the period increased to $6.88 from $6.30 a year earlier.
Analysts expected EPS of $6.82 on revenue of $2.62 billion, according to the Zacks Consensus Estimate.
Ulta also raised its full-year 2023 revenue outlook from a range of $10.95 billion to $11.05 billion to a range of $11 billion to $11.1 billion, which fell short of analyst estimates of $11.12 billion.
Shares of Ulta Beauty (NASDAQ:ULTA) slid 10% in pre-market trading on Friday.
As well, the company warned that its rivals have started to cut prices for beauty products following two years of boom times as the economy reopened from the pandemic.
“Inflation concerns remain high, and consumers are spending more selectively while also showing a continued willingness to splurge and treat themselves,” Ulta Beauty (NASDAQ:ULTA) CEO Dave Kimbell said on the company’s earnings call Thursday.
Ulta ended the quarter with $636.4 million in cash and equivalents as of April 29, 2023, and the company said it repurchased $285.8 million of its common stock in 1Q.
Contact Sean at sean@proactiveinvestors.com