Ulta Beauty Announces First Quarter Fiscal 2018 Results

Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the first quarter ended May 5, 2018.

“Our first quarter results represent a solid start to 2018, with better than expected sales and earnings growth,” said Mary Dillon, chief executive officer. “This performance reflects our highly differentiated business model that continues to drive healthy retail comparable store sales, excellent new store productivity, and continued strength of our e-commerce business.”

For the First Quarter of Fiscal 2018
• Net sales increased 17.4% to $1,543.7 million compared to $1,314.9 million in the first quarter of fiscal 2017;
• Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 8.1% compared to an increase of 14.3% in the first quarter of fiscal 2017. The 8.1% comparable sales increase was driven by 5.1% transaction growth and 3.0% growth in average ticket;
• Retail comparable sales increased 4.7%, including salon comparable sales growth of 3.2%;
• E-commerce sales increased 48.0% to $154.4 million from $104.3 million in the first quarter of fiscal 2017, representing 340 basis points of the total company comparable sales increase of 8.1%;
• Salon sales increased 10.1% to $75.7 million compared to $68.7 million in the first quarter of fiscal 2017;
• Gross profit as a percentage of net sales increased 10 basis points to 36.3% compared to 36.2% in the first quarter of fiscal 2017, due to the impact of new revenue recognition accounting and leverage in fixed store costs, partially offset by category and channel mix shifts and investments in our salon services and supply chain operations;
• Selling, general and administrative expenses as a percentage of net sales increased 80 basis points to 22.4%, compared to 21.6% in the first quarter of fiscal 2017, due to the impact of new revenue recognition accounting and deleverage of investments in store labor to support growth initiatives, partially offset by leverage in corporate overhead and marketing expenses;
• Pre-opening expenses increased to $5.2 million compared to $4.2 million in the first quarter of fiscal 2017. Real estate activity in the first quarter of fiscal 2018 included 34 new stores and two remodels, compared to 18 new stores, one remodel, and two relocations in the first quarter of fiscal 2017;
• Operating income increased 11.4% to $209.8 million, or 13.6% of net sales, compared to $188.4 million, or 14.3% of net sales, in the first quarter of fiscal 2017;
• Tax rate decreased to 22.1% compared to 32.1% in the first quarter of fiscal 2017. The decrease was primarily due to tax reform;
• Net income increased 28.2% to $164.4 million compared to $128.2 million in the first quarter of fiscal 2017; and
• Earnings per diluted share increased 31.7% to $2.70, including a benefit of $0.07 due to income tax accounting for share-based compensation, compared to $2.05 in the first quarter of fiscal 2017, which included a $0.14 benefit due to income tax accounting for share-based compensation.
more detail at: http://ir.ultabeauty.com/news-releases/news-release-details/2018/Ulta-Beauty-Announces-First-Quarter-Fiscal-2018-Results/default.aspx

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