05.26.23
Net sales for Ulta Beauty, Inc. were $2.6 billion in Q1 2023, compared with the prior-year quarter, which was $2.3 billion. Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 9.3%.
The results reflect the 13-week period ended April 29, 2023.
“The year is off to a positive start as the Ulta Beauty team delivered revenue, operating margin, and diluted EPS consistent with our internal expectations,” said CEO Dave Kimbell. “Store traffic remained healthy, member growth showed continued strength, we delivered growth across key categories, and we strengthened engagement with the Ulta Beauty brand.”
Selling, general and administrative (SG&A) expenses increased 22.2% to $612.1 million compared to $501.0 million in the first quarter of fiscal 2022. As a percentage of net sales, SG&A expenses increased to 23.2% compared to 21.4% in the first quarter of fiscal 2022, primarily due to deleverage of store payroll and benefits, deleverage of corporate overhead due to strategic investments, and deleverage of marketing expenses, partially offset by leverage of incentive compensation and store expenses.
Net income increased 4.7% to $347.1 million compared to $331.4 million in Q1 2022.