UPDATE: Ulta Beats Q4 Expectations, Shares Surge After-Hours

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Shares of
Ulta Salon Cosmetics & Fragrance Inc.
ULTA
jumped over 6 percent in after-hours trading after the company reported stronger-than-expected results for the fourth quarter. The Bolingbrook, Illinois-based company reported quarterly net income of $87.3 million, or $1.35 per share, up from $70.7 million, or $1.09 per share, in the year-ago quarter. Excluding items, the company's earnings climbed 22.0% to $1.33 per share. Its net sales surged 20.7 percent year-over-year to $1,047.6 million from $868.1 million. However, analysts were expecting earnings of $1.27 per share on revenue of $1.02 billion. Comparable sales climbed 11.1 percent in the quarter, versus a 9.2 percent gain in the year-ago quarter. E-commerce sales surged 55.2 percent, while salon sales rose 20.9 percent in the quarter. Gross profit shrank 40 basis points to 33.4 percent, versus 33.8 percent in the year-ago period. Selling, general and administrative expense as a percentage of net sales slipped 40 basis points to 20.1 percent from 20.5 percent. At the end of the fourth quarter, merchandise inventories rose to $581.2 million, versus $457.9 million at the end of the year-ago quarter. The company ended the year with $539 million in cash and short-term investments. "ULTA Beauty wrapped up a very strong year of sales and profit growth with an excellent fourth quarter, which we are proud to celebrate as our first billion dollar sales quarter," said Mary Dillon, Chief Executive Officer. For the first quarter, Ulta projects earnings of $0.88 to $0.93 per share on revenue of $833 million to $847 million. Analysts had expected earnings of $0.90 per share on revenue of $832 million. Ulta shares jumped 6.06 percent to $153.60 in the after-hours trading session.
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Posted In: EarningsNewsGuidanceprofit
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