"Our teams are laser focused on delivering great guest experiences, while managing through an evolving environment."
— Dave Kimbell, CEO
03Detailed Report
ULTA
Ulta Beauty Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 27, 2026
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Executive Summary
In the Q1 results for fiscal 2024, Ulta Beauty Inc (ULTA) reported a net sales increase of 3.5% year-over-year, reaching $2.7 billion, supported by a 1.6% growth in comparable sales. The company highlighted its strong position in the beauty retail sector, driven by effective marketing strategies and brand partnerships. Despite challenges in the prestige ecommerce category and reduced market share in certain areas, management expressed confidence in their operational model and growth initiatives. The adjusted full-year guidance anticipates net sales between $11.5 billion to $11.6 billion, with comparable sales growth projected at 2% to 3%. This strategic focus on innovation, customer engagement, and rightsizing expenses positions Ulta to navigate competitive pressures effectively.
Key Performance Indicators
Revenue
Increasing
2.73B
QoQ: -23.31% | YoY: 7.75%
Gross Profit
Increasing
1.07B
39.20% margin
QoQ: -20.20% | YoY: 7.67%
Operating Income
Increasing
403.87M
QoQ: -21.90% | YoY: 3.12%
Net Income
Increasing
313.11M
QoQ: -20.60% | YoY: 4.34%
EPS
Increasing
6.51
QoQ: -19.93% | YoY: 7.60%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $2.73 billion (+3.5% YoY)
- Comp Sales Growth: 1.6%
- Gross Margin: 39.2% (-80 bps YoY)
- Operating Income: $403.87 million (14.7% of sales)
- Net Income: $313.11 million (+4.34% YoY)
- EPS: $6.47 (down from $6.88 YoY)
- Total Assets: $5.63 billion
- Total Liabilities: $3.33 billion
- Cash Flow from Operations: $155.39 million
- Free Cash Flow: $64.37 million
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.73B
7.75%
-23.31%
Gross Profit
1.07B
7.67%
-20.20%
Operating Income
403.87M
3.12%
-21.90%
Net Income
313.11M
4.34%
-20.60%
EPS
6.51
7.60%
-19.93%
Key Financial Ratios
Gross Profit Margin
Fair
39.20%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Fair
14.80%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Good
11.50%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Fair
5.56%
Return on assets is acceptable but below top-tier companies
Return on Equity
Good
13.60%
Return on equity shows solid performance and effective asset utilization
Current Ratio
Healthy
1.76
Current ratio shows adequate liquidity to meet short-term obligations