Ulta Beauty completes successful fiscal quarter

BOLINGBROOK - Ulta Beauty Inc. Friday announced financial results for its fiscal year first quarter, ended April 30, including net sales of $2.3 billion, an increase of 21% compared to $1.9 billion in the same period last year.

The sales increase was attributed to the favorable impact of fewer COVID-19 restrictions compared to the first quarter of fiscal 2021, the company said.

Operating income increased to $437.7 million, or 18.7% of net sales, compared to $305.3 million, or 15.8% of net sales, in the first quarter of fiscal 2021.

Diluted earnings per share increased to $6.30, including a 2 cent benefit due to income tax accounting for share-based compensation, compared to $4.10, including a 3 cent benefit due to income tax accounting for share-based compensation, in the first quarter of fiscal 2021.

"The Ulta Beauty team delivered exceptional first quarter results, with better-than-expected sales and earnings growth, supported by double-digit comparable sales growth across all major categories," said Dave Kimbell, chief executive officer.

During the first quarter, the company repurchased 331,834 shares of its common stock at a cost of $132.8 million. As of April 30, $1.87 billion remained available under the $2 billion share repurchase program announced in March.

Ulta Beauty opened 10 new stores in the quarter. The company now operates 1,318 stores.