Ulta Beauty Q1 Earnings Preview

Ulta Beauty, Inc. (NASDAQ: ULTA) is set to release its Q1 financial results after market close on Thursday, May 30, 2024. Here's what you need to know.

Analysts forecast first-quarter revenue at $2.72 billion, down from $3.23 billion in Q1 2023. They expect earnings per share (EPS) of $6.23, compared to $6.88 a year ago. Ulta has surpassed revenue and EPS estimates for the past ten quarters.

For fiscal 2024, Ulta projects revenue between $11.7 billion and $11.8 billion, with EPS ranging from $26.20 to $27.00. Despite a dynamic macro environment, CEO David Kimbell remains optimistic about the beauty industry's resilience and Ulta's growth potential.

Ulta Beauty Inc. Stock Dividends Overview >>

Despite some challenges, foot traffic data from Placer.ai shows positive trends. Ulta's year-over-year visit growth has outpaced other retailers in the Beauty and Wellness sector, with visits up 3.1% in April, 12.1% in March, and 9.0% in February. This growth contrasts with the overall segment, which saw smaller increases.

Analyst Insights

JPMorgan analyst Christopher Horvers notes that Nielsen data indicates a flat quarter for Ulta Beauty. Beauty product sales in food, drug, and mass channels rose only slightly, which might be reflected in ULTA's same-store sales. Horvers maintains a Buy rating but reduced the price target from $600 to $530, citing moderated sales growth.

Other analysts have also lowered their price targets:

Earnings Expectations