Ulta Beauty announced its financial results for the third quarter of fiscal 2024, reporting net sales of $2.53 billion, an increase from $2.49 billion in the prior-year quarter. Comparable sales grew by 0.6%, and diluted earnings per share reached $5.14, compared to $5.07 in the same period last year.
Following these stronger-than-expected results, the company raised its full-year fiscal 2024 outlook. Net sales are now projected to be between $11.1 billion and $11.2 billion, up from the previous range of $11.0 billion to $11.2 billion. Comparable sales are expected to range from a decline of 1% to flat, an improvement from the prior forecast of a decline of 2% to flat.
The updated guidance also includes an improved operating margin forecast of 12.9% to 13.1%, up from 12.7% to 13.0%, and diluted earnings per share between $23.20 and $23.75, an increase from $22.60 to $23.50. During the quarter, Ulta Beauty repurchased 731,458 shares of its common stock at a cost of $267.0 million, with $2.9 billion remaining under its $3.0 billion share repurchase program.
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