Ulta Beauty Inc. posted $1.9 billion in net sales for the quarter ended May 1, up 65 percent from a year ago, when the company had closed many stores due to the spread of the coronavirus pandemic.
Ulta said the sales uptick was due to increased consumer confidence, government stimulus and an easing of COVID-19 restrictions. E.l.f. Beauty, which sells with Ulta and other retailers, said recently that the company experienced sharp sales upticks from stimulus beauty spending, too.
With the increase in sales and confidence, Ulta raised its guidance — predicting between $7.7 billion and $7.8 billion in net sales for fiscal 2021, up from $7.2 billion to $7.3 billion.
Net income for the quarter was $230 million, compared to a $78 million loss in the prior-year period.
Ulta chief executive officer Mary Dillon called the quarter “outstanding.”
“We have emerged from 2020 with strong momentum in our sales trends, market share gains and consumer sentiment,” said Ulta president Dave Kimbell. “As increasing consumer confidence, the relaxation of restrictions and a desire for newness drive increased engagement with the beauty category, our differentiated model, combined with our ongoing efforts to create meaningful guest connections, position us well to lead through the category recovery.”
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