It was a robust first quarter for Ulta Beauty (Bolingbrook, IL), which recorded an 18% increase in same-store sales compared to the prior year. The retailer also opened 10 new locations and relocated six more during the period.
The beauty chain rang up $2.3 billion in net sales compared to $1.9 billion in the year-ago quarter. Its net income was $331.4 million.
In its guidance for the ’22 fiscal year, Ulta forecasted 50 net new store openings and 35 remodeling and relocation projects. After the strong quarter, the company increased its net sales forecast for the year to between $9.35 billion and $9.55 billion.
Ulta currently operates 1318 stores totaling 13.9 million square feet.