Ulta Beauty continued its streak of success with another impressive quarterly performance, surpassing analysts’ expectations and raising its outlook for the future. The company also announced the retirement of its long-time Chief Financial Officer.
Stellar Financial Results
Ulta Beauty reported adjusted earnings of $5.07 per share for its fiscal third quarter, beating the estimated $4.96 per share by analysts. The company also exceeded revenue expectations, earning $2.49 billion compared to the projected $2.47 billion.
Positive Outlook for Fiscal 2023
Not only did Ulta Beauty outperform in the past quarter, but it also raised its guidance for fiscal 2023. Sales are expected to range between $11.1 billion and $11.15 billion, a slight increase from the previous range of $11.05 billion to $11.15 billion. Similarly, earnings per share are now projected to be between $25.20 and $25.60, up from $25.10 to $25.60.
Leadership Transition
Ulta Beauty announced that its Chief Financial Officer, Scott Settersten, will retire in April 2024 after serving in the role for over a decade. Paula Oyibo, the current Senior Vice President of Finance, will succeed him.
CEO’s Optimistic Statement
Looking ahead, CEO Dave Kimbell expressed confidence in Ulta Beauty’s future, particularly in the beauty category. He believes that the company is well-positioned to delight customers during the upcoming holiday season and maintain its leadership position in specialty beauty retail, which will contribute to long-term shareholder growth.
Market Performance
Following the strong quarterly report and CFO retirement news, Ulta Beauty’s stock rose by 8.7% in after-hours trading, reaching $463.06. It is worth noting that despite this recent surge, the stock has experienced a 9.2% decline this year.
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