Ulta Beauty (ULTA) on Monday raised its financial outlook for the first quarter, saying that comparable store sales for the quarter is now expected to exceed its previous guidance. Separately, the beauty products retailer announced a secondary common stock by selling stockholders.
The Bolingbrook, Illinois-based company raised its earnings outlook for the first quarter to a range of $0.52 to $0.53 per share from the prior range of $0.46 to $0.48 share. The new outlook represents an increase of about 42 percent compared to earning per share of $0.37 for the previous-year quarter.
The company now forecasts net sales for first quarter to be $474 million, up from its prior guidance of $452 million to $460 million. The revised outlook represents a 22.8 percent increase from net sales of $386 million in the year-ago period.
On average, analysts polled by Thomson Reuters currently expect the company to earn $0.48 per share for the quarter on revenues of $459.82 million. Analysts' estimates typically exclude one-time items.
Ulta Beauty now projects comparable store sales for quarter to increase 10.1 percent, exceeding its previous guidance for an increase of 6 to 8 percent.
The company opened 18 new stores in the quarter, compared to five in the same period last year.
Ulta Beauty expects to announce its first-quarter results after market close on June 5, 2012.
Separately, Ulta Beauty announced an underwritten public offering of 7 million shares of its common stock by certain entities associated with Mousse Partners, a New York-based private investment firm.
The underwriters have a 30-day option to purchase up to an additional 1.05 million shares from one of the selling stockholders. Ulta Beauty said it will not receive any proceeds from the offering.
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are serving as joint-book running managers, while William Blair & Co. L.L.C. and Piper Jaffray & Co. are serving as co-managers of the offering.
As of April 28, 2012, Ulta Beauty operates 467 retail stores across 44 states.
ULTA closed Monday's trading at $86.06, down $1.43 or 1.63 percent on a volume of 802,300 shares. However, in after-hours, the stock gained $1.89 or 2.20 percent to $87.95.
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