Ulta Beauty beats Q1 estimates, lifts full-year EPS forecast

Ulta Beauty, Inc. reported fiscal first-quarter results on Tuesday, June 2, 2026, that topped Wall Street expectations and prompted the company to raise its full-year earnings outlook. The beauty retailer beat estimates for both revenue and earnings per share for the quarter ended May 2. Ulta also reiterated its full-year revenue and comparable-sales guidance.

Ulta said earnings per share were $7.74 for the three-month period, above expectations of $6.86. Revenue was $3.16 billion, compared with expectations of $3.10 billion.

Net sales rose about 11% from the same period a year earlier, the company said. Comparable sales increased 5.3%, above StreetAccount estimates of 4.6%.

The company attributed the stronger start to fiscal 2026 to broad-based growth across channels and major product categories.

Full-year guidance updated

Ulta reaffirmed its full-year revenue outlook and its projection for same-store sales. It raised its full-year earnings per share guidance to a range of $28.36 to $28.80, up from its prior forecast of $28.05 to $28.55.

CEO Kecia Steelman said in a statement that fiscal 2026 “is off to a strong start driven by broad-based growth across all channels and major categories.” She said the company’s results reflected its operating model and strategy “in an uncertain macroeconomic landscape.”

Consumer backdrop in focus

The results come as consumer confidence has softened amid higher gas prices and rising inflation, factors that have pressured discretionary spending in some categories.

Investors will watch for updates on consumer demand and Ulta’s ability to maintain its sales momentum through the rest of fiscal 2026.