Market Herald logo


Be the first with the news that moves the market

Despite Ulta Beauty (NASDAQ:ULTA) releasing positive Q1 2023 results, the Ulta stock price has dropped over 11 per cent in value since market open on Friday.

In a press release, the company said its revenue for the quarter increased 12.3 per cent year-over-year to US$2.63 billion compared to $2.3 billion in Q1 2022.

Ulta said the revenue increase is largely attributed to increased comparable sales and strong new store performance compared to Q1 2022.

Dave Kimbell, CEO of Ulta Beauty, said that throughout the quarter store traffic remained strong while member growth also showed continued strength.

“While we expect the operating environment to continue evolving, we remain confident in the resilience of the beauty category and in our ability to drive share and profitable growth with our proven business model, a diverse, best-in-class assortment, an industry-leading loyalty program, and our world-class team,” Kimbell added.

Throughout the quarter, the company added five new store locations in Boulder, Colorado; Denton, Texas; Seattle, Washington; Surprise, Arizona; and Warrensville Heights, Ohio.

Ulta also closed one store, relocated another and remodeled two other stores.

By the end of Q1 2023, Ulta had 1,359 stores in operation.

In addition to over 1,300 stores, Ulta Beauty also has a partnership with Target. The company is the largest specialized beauty retailer in the United States.

Despite the strong quarterly performance, the Ulta stock price took an 11.86 per cent dip to $427.57 as of 12:29 p.m. EDT on Friday.

Year-to-date, shares of Ulta Beauty (NASDAQ:ULTA) are down 9.32 per cent.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

More From The Market Herald
The Toronto Stock Exchange

" @ the Bell: TSX Slides deeper into the red

On the final trading day of May, Canada’s main stock index closed even lower on Wednesday as crude oil prices fell, while traders
Else Nutrition

" Else expands distribution with Canada’s largest pharmacy retailer

Else Nutrition Holdings (BABY) has expanded its distribution in the Canadian market with Canada’s largest pharmacy.
Danavation - President and CEO, John Ricci (eighth from left).

" Smart label company signs multi-location contract in Quebec

Smart label company Danavation has announced a multi-store contract with Pitou Minou & Compagnons in Quebec.

" Westhaven drills 24.95 metres of 14.66 g/t gold and 35.52 g/t of silver

Westhaven Gold’s (TSXV:WHN) Shovel Nose property continues to intersect high-grade gold near surface at the Franz Zone.