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Net sales are $2.7 billion compared to $2.6 billion in the year-ago quarter.
May 31, 2024
By: Lianna Albrizio
Associate Editor
Ulta Beauty’s net sales rose 3.5% from $2.6 billion to $2.7 billion per its Q1 2024 financial results.
“The Ulta Beauty team delivered net sales growth of 3.5% and comparable sales growth of 1.6% in a dynamic operating environment,” said CEO Dave Kimbell. “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.”
Officials attribute the spike to increased comparable sales, new store contribution, and growth in other revenue.
During the first quarter of FY 2024, the company repurchased 588,004 shares of its common stock at a cost of $285.1 million. As of May 4, 2024, $1.8 billion remained available under the $2.0 billion share repurchase program announced in March 2024.
Also in the quarter, the company opened 12 new stores, closed two stores and relocated one store. At the quarter’s end, Ulta Beauty operated 1,395 stores totaling 14.6 million square feet.
Outlook for 2024 is projected to climb from $11.5 billion to $11.6 billion.
Related
Ulta Beauty’s Annual Revenue Surpasses $10 Billion
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