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Ulta Beauty, Inc. (ULTA) stock is Popping High Today: Why is it so?

Ulta Beauty, Inc. (ULTA) stock announced its first-quarter 2021 financial results after which the ULTA stock price saw a push of 5.06% to reach $344.97 a share as of this writing. ULTA stock was also gaining in the previous trading session and went up by 0.27% at closing. Let’s discuss the financial results of ULTA stock in detail.

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First Quarter Fiscal 2021 Results:

  • ULTA stock generated revenue of $1.9 billion in the first quarter of 2021 representing a 65.2% increase as compared to $1.2 billion from the net sales of the same quarter of the prior year.
  • Sales from stores that have at least opened for 14 months, surged by  65.9% as compared to a decrease of 35.3% in the same tenure of the previous year.
  • Gross profit for ULTA stock increased more than doubled to reach $753.8 million in the reported quarter from $303.6 million in the same quarter of the prior year.
  • Ulta stock suffered $443.9 million in selling, general and administrative expenses in the reported quarter while these expenses were $380.9 million in the same quarter of 2020.
  • $305.3 million operating income was reported in the first quarter of 2021 as compared to a $101.5 million operating loss in the first quarter of 2020.
  • Net income for ULTA stock was $230.3 million in comparison to $78.5 million net loss in the first quarter of 2020.
  • ULTA stock recorded $4.10 diluted earnings per share while the same period of the previous year’s diluted earnings per share was $1.39.

Balance Sheet View:

As of May 1, 2021, ULTA stock had cash and cash equivalents of $947.5 million as compared to 1046.05 million as of January 30, 2021.

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$1.4 billion Merchandise inventories were recorded for the reported quarter while these were $1.3 billion at the end of the same quarter last year.

Business Developments:

Ulta Beauty repurchased 1,243,209 shares of its common stock during the first quarter of 2021. The cost for this repurchase totaled $392.3 million. The share repurchase program was announced in March and $1.1 billion remained available at the end of the first quarter.

28 new stores have been added in the first quarter of 2021 resulting in 1,290 total stores of ULTA stock covering 13.6 million square feet area with a 2.3% increase over the year.

Financial 2021 Outlook:

The updated financial outlook for the fiscal year 2021 by ULTA stock has projected the revenue from net sales between $7.7 billion to $7.8 billion.  The prior projection was in the range of $7.2 billion to $7.3 billion in revenue from net sales of 2021.

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Conclusion:

So far so good for ULTA stock as far as market sentiment is concerned. The momentum was already built, and a positive earnings report has added more hype to the rising stock price. The updated outlook shows that the Ulta Beauty business will show more growth in the future. Hence it can be a good bet for investors in the long run.

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