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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:

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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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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