Ulta Beauty Stock Jumps on 60% Increase in Second-Quarter Revenue

Ulta Beauty shares rose in after hours trading Wednesday after the cosmetics retailer reported its fiscal second-quarter revenue soared by 60% compared to the same quarter last year.

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Ulta Beauty Stock Jumps on 60% Increase in Second-Quarter Revenue

Net sales increased to $2 billion compared to $1.2 billion in the second quarter of 2020 due to stronger consumer confidence and fewer COVID-19 restrictions, as people bought more cosmetics with the pandemic subsiding, according to a company statement.

Ulta Beauty shares on Wednesday rose 5.2% to $410.10 after hours in recent trading. Its stock was up 4.3% to $389.90 at closing.

“The Ulta Beauty team delivered strong results for the second quarter,” said Chief Executive David Kimbell in a statement. “This performance reflects the recovery of the beauty category, investments and choices we’ve made over the last year to adapt to the market disruption and strengthen our leadership position, and the ongoing efforts of our associates to deliver great experiences for our guests.

Video: Ulta Beauty sees sizable earnings beat (CNBC)

Ulta Beauty sees sizable earnings beat

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“Our value proposition is strong, and we are evolving and innovating to lead in the new beauty landscape, capture additional market share, and drive profitable growth,” Kimbell said.

Ulta generated net income of $250.9 million, or $4.56 diluted earnings per share in the second quarter, compared to $8.1 million, or 14 cents diluted earnings per share in the second quarter of 2020.

The company raised its full-year comparable-sales growth forecast to 30% to 32% from a previous forecast of 23% to 25%. It raised its full-year diluted earnings per share forecast to $14.50 to $14.70 from a previous $11.50 to $11.95 forecast.

Ulta also raised its forecast for full-year net sales to $8.1 billion to $8.3 billion from a previous forecast of $7.7 billion to $7.8 billion.

This article was originally published by TheStreet.