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Ulta Beauty Inc. (ULTA+0.80%) has filed its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $2.53 billion for the quarter, a 1.7% increase from the same period last year, driven primarily by new store contributions.
Gross profit increased to $1.0 billion, although the gross profit margin slightly decreased to 39.7% due to higher store and supply chain fixed costs.
Selling, general, and administrative expenses rose to $682.3 million, representing 27.0% of net sales, primarily due to increased store payroll and strategic investments.
Net income for the quarter was $242.2 million, down from $249.5 million in the previous year, impacted by higher expenses despite increased sales.
Ulta Beauty opened 57 new stores and closed five during the 39 weeks ended November 2, 2024, bringing the total number of stores to 1,437.
The company reported a comparable sales increase of 0.6% for the quarter, driven by a slight increase in transactions and average ticket size.
Ulta Beauty's liquidity position includes $177.8 million in cash and cash equivalents, with $199.7 million outstanding under its credit facility.
The company continued its share repurchase program, buying back 1,869,314 shares for $771.5 million during the 39 weeks ended November 2, 2024.
Ulta Beauty's business remains subject to seasonal fluctuations, with significant sales expected in the fourth quarter due to the holiday season.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ulta Beauty Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.