On December 5, 2024, Ulta Beauty, Inc. released its consolidated financial performance for the third quarter ended November 2, 2024. The company’s net sales for the third quarter were reported at $2.53 billion, showcasing a slight increase from the previous year’s $2.49 billion. Comparable sales experienced a 0.6% rise during this period. The net income for the quarter stood at $242.2 million, translating to $5.14 per diluted share.
Ulta Beauty’s CEO, Dave Kimbell, expressed satisfaction with the company’s performance, noting better-than-expected sales and profitability. He highlighted positive sales trends and financial discipline as key factors driving growth. Kimbell emphasized the company’s focus on executing initiatives to solidify its market position and enhance overall performance.
– Net sales increased by 1.7% to $2.53 billion.
– Comparable sales rose by 0.6%.
– Gross profit slightly decreased to 39.7% of net sales.
– Operating income was $318.5 million, equivalent to 12.6% of net sales.
– Net income amounted to $242.2 million.
– Diluted earnings per share reached $5.14.
For the first nine months of fiscal 2024, Ulta Beauty reported:
– Net sales increased by 2.0% to $7.8 billion.
– Comparable sales grew by 0.3%.
– Gross profit margin decreased to 39.1% of net sales.
– Operating income was $1.0 billion, representing 13.4% of net sales.
– Net income was $807.8 million, with diluted earnings per share at $16.93.
Ulta Beauty’s cash and cash equivalents at the end of the third quarter of fiscal 2024 amounted to $177.8 million. The company’s merchandise inventories increased to $2.4 billion owing to new store additions since the previous year.
During the third quarter of fiscal 2024, Ulta Beauty repurchased 731,458 shares of its common stock at a cost of $267.0 million. As of November 2, 2024, $2.9 billion remained available under the $3.0 billion share repurchase program announced earlier.
In terms of store operations, Ulta Beauty opened 28 new stores, remodeled 27, and closed two during the third quarter. The total store count at the end of the quarter was 1,437 stores spread over 15.0 million square feet.
Looking ahead, Ulta Beauty revised its fiscal 2024 outlook, with projected net sales in the range of $11.1 billion to $11.2 billion and operating margin between 12.9% to 13.1%. The company plans to continue focusing on executing key initiatives to fuel growth and enhance its market position.
Investors and analysts are invited to a conference call discussing Ulta Beauty’s third-quarter results on December 5, 2024. Additional information can be accessed through the Investor Relations section of the company’s website.
Ulta Beauty, listed on the NASDAQ under ULTA, remains a leading specialty beauty retailer, offering a wide array of beauty products and salon services across the United States.
Please note that the content of this article is based on the 8-K SEC filing of Ulta Beauty, Inc. on December 5, 2024.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ulta Beauty’s 8K filing here.
Ulta Beauty Company Profile
Ulta Beauty, Inc operates as a specialty beauty retailer in the United States. The company offers branded and private label beauty products, including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools through its Ulta Beauty stores, shop-in-shops, Ulta.com website, and its mobile applications.
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