Ulta Beauty beats by $0.02, reports comps in-line with preannouncement; guides Q4 below consensus
- Reports Q3 (Oct) earnings of $2.18 per share, $0.02 better than the S&P Capital IQ Consensus of $2.16; revenues rose 16.2% year/year to $1.56 bln vs the $1.56 bln S&P Capital IQ Consensus.
- Preannounced EPS at high end of $2.11-2.16 range, comps +7.8% vs. +7-8% guidance last month
- Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 7.8% compared to an increase of 10.3% in the third quarter of fiscal 2017. The 7.8% comparable sales increase was driven by 5.3% transaction growth and 2.5% growth in average ticket; Retail comparable sales increased 4.4%, including salon comparable sales growth of 3.5%; E-commerce sales increased 42.5% to $170.7 million. Gross profit as a percentage of net sales remained flat at 36.7% compared to the third quarter of fiscal 2017, due to category and channel mix shifts and investments in our salon services and supply chain operations, fully offset by leverage in fixed store costs and the impact of new revenue recognition accounting;
- Co issues downside guidance for Q4, sees EPS of $3.50-3.55 vs. $3.62 S&P Capital IQ Consensus; sees Q4 revs of $2.085-2.103 bln vs. $2.12 bln S&P Capital IQ Consensus.
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