Executive Summary

• Ulta reported fiscal 1Q19 revenues of $1.74 billion, up 12.9% year over year and below the consensus estimate of $1.75 billion. The company’s earnings per share (EPS) was $3.26, up 7% from the year-ago period. The company’s EPS included a $0.18 benefit due to income tax accounting for share-based compensation.
• The company saw comparable store sales growth of 7.0%, roughly in line with the consensus estimate of 7.1% but lower than the increase of 8.1% in same period last year.
• For the full fiscal year, Ulta plans to open approximately 80 new stores, remodel or relocate 20, and complete approximately 270 store refreshes. The company expects to deliver diluted earnings per share in the range of $12.83 to $13.03 compared to the $12.90 consensus.

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