Ulta Beauty Raises Annual Forecast After Strong Third Quarter Results
Ulta Beauty's stock rose after the company reported third-quarter earnings that surpassed expectations. The beauty retailer saw growth across all categories and sales channels during the period.
As a result of this strong performance, Ulta Beauty raised its annual sales and profit forecasts for the second quarter in a row. The company now expects full-year sales of $12.3 billion and reported a quarterly profit of $230.9 million.
Ulta's leadership credits strong demand for makeup and skincare products, especially heading into the holiday season, as a key reason for the upgraded outlook.
The stock increased because the company reported better-than-expected earnings and raised its annual sales and profit outlook.
Ulta Beauty now expects full-year sales of $12.3 billion.
Strong demand for makeup and skincare products contributed to sales growth across all areas of the business.
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