Ulta Shares Charge Over $90 Level Following Q1 Beat

Shares of

are moving up more than eight percent in Tuesday's after-hours trading following better-than-expected earnings. Revenue for the first quarter was $713.8 million, beating analyst's consensus estimate of $699.51 million by 2.04 percent. This is a 22.5 percent jump from the same quarter last year; however, shares are down 0.4 percent over the course of a year. Ecommerce comparable sales were up 72.3 percent year over year, making up about 8.7 percent of total sales. Net income was up 18.5 percent year over year to $49.95 million; operating income was up 19.5 percent year over year. Quarterly earnings of $0.77 beat the Wall Street estimate of $0.74 by 4.05 percent. Ulta was unable to show scale with this quarter's results. Despite a 22.5 percent increase in revenue, cost of goods sold increased and SG&A expenses remained constant at 22.8 percent of revenue. Looking forward, Ulta sees second-quarter sales coming in the range of $706 million to $717 million. This is a bullish signal as the analyst consensus estimate for the quarter sits at just $704 million. The company's earnings forecast is not as strong: EPS is expected to fall between $0.78 and $0.83, versus the $0.82 analyst expectation. Shares of Ulta last traded at $92.30, up over eight percent from Tuesday's closing price.