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Oppenheimer Reports Ulta 4Q Results Exceed Expectations On Strong Comps


In a report published by Oppenheimer, Ulta's (NASDAQ: ULTA) 4Q results exceeded expectations on strong comps.

Oppenheimer said that ULTA reported very strong F4Q results Thursday, marked by a fourth consecutive quarter of both double-digit SSS growth and an acceleration in two-year comps, with GAAP EPS of $0.49 (up 44% y/y) easily exceeding both its and the consensus estimate of $0.44. “In addition, the company introduced encouraging guidance for 2011, including SSS at the high end of its 3-5% target and implied EPS of at least $1.47. We reiterate our Outperform rating on ULTA and believe its valuation premium is warranted given its very healthy operating momentum, pristine balance sheet, meaningful store growth and margin expansion opportunities, as well as a "scarcity value" for growth names executing well, which ULTA clearly is.”

Ulta closed yesterday at $42.11.


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