Ulta Beauty, Inc. ( ULTA ) reported its first-quarter financial results after the bell Thursday. Here's a look at the key figures from the report. 

The Details: Ulta Beauty ( ULTA ) reported quarterly earnings of $6.47 per share, which beat the analyst consensus estimate of $6.22 by 4.02%. Quarterly sales clocked in at $2.726 billion, which beat the analyst consensus estimate of $2.721 billion by 0.18%.

Ulta said comparable sales increased 1.6% compared to the first quarter of fiscal 2023, driven by a 1.3% increase in transactions and a 0.3% increase in average ticket. The company opened 12 new stores, closed two stores and relocated one store during the quarter.

Merchandise inventories at the end of first quarter increased to $1.9 billion compared to $1.8 billion at the end of the first quarter of fiscal 2023. The increase was primarily due to inventory to support new brand launches, 36 net new stores and an increase in distribution center inventory primarily due to the opening of the market fulfillment center in Greer, South Carolina.

“The Ulta Beauty team delivered net sales growth of 3.5% and comparable sales growth of 1.6% in a dynamic operating environment. I am proud of how our teams continued to execute our transformational agenda, adapt to a rapidly evolving marketplace, and thoughtfully manage expenses across the enterprise,” said Dave Kimbell, CEO of Ulta Beauty ( ULTA ).

Outlook:  Ulta lowered its fiscal-year 2024 net sales guidance from between $11.7 billion and $11.8 billion to a range of $11.5 billion to $11.6 billion. The company also updated its full-year EPS guidance from between $26.20 and $27.00 per share to between $25.20 and $26.00 per share.

“We have a clear plan to accelerate our momentum and continue delivering a best-in-class assortment and engaging experiences for our guests. I remain confident in our differentiated model, the resilience of the beauty category, and our ability to execute against our plans, but we have adjusted our annual guidance as we anticipate the dynamics we faced in the first quarter to continue for the balance of the year.”

ULTA Price Action: According to Benzinga Pro, Ulta Beauty ( ULTA ) shares are up 0.89% after-hours at $389 at the time of publication Thursday.

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