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Ulta Beauty, Inc. (NASDAQ:ULTA) shares are moving lower on Friday after the company cut its 2024 fiscal year guidance, citing first half trends and a ‘more cautious’ outlook. The company lowered its guidance and reported second quarter earnings after the market closed Thursday.
What To Know: Ulta lowered its guidance for adjusted EPS to between $22.60 and $23.50. Previously, the company saw fiscal year adjusted EPS between $25.20 and $26. In addition, Ulta has revised its net sales guidance to between $11 billion and $11.2 billion, down from $11.5 billion to $11.6 billion.
Second Quarter Earnings: Ulta reported EPS of $5.30 missing analysts estimate of $5.55 and sales of $2.55 billion missing analysts estimate of $2.61 billion. Compared to the same period last year, the reported net sales figure represents a 0.9% increase.
Comparable sales decreased 1.2% compared to the 2023 fiscal year second quarter. Also, Ulta reported operating income of $329.2 million and net income of $252.6 million.
Company Updates: Throughout the second quarter, the company opened 17 new stores, relocated one store, remodeled nine stores and closed one store.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
See Also: Dell Q2 Earnings: Revenue Beat, EPS Beat, Accelerating AI Momentum And More
ULTA Price Action: At the time of writing, Ulta Beauty shares are moving 2.65% lower at $357.85, according to data from Benzinga Pro.
Image: Michael Gordon/Shutterstock
Posted In: ULTA
