Ulta Beauty Q1 EPS $6.47, down 6% YoY; cuts FY24 guidance citing sustained headwinds

Ulta Beauty, Inc.

2024-Q1 EPS reported $6.47 revenue$2,725,848,000

Q1 net sales $2.726B (+3.5% YoY); comp sales +1.6% vs +9.3% a year ago.
Diluted EPS $6.47 vs $6.88; net income $313.1M down from $347.1M.
Gross margin fell to 39.2% from 40.0% on lower merchandise margins and higher shrink.
FY24 guidance lowered: net sales $11.5-11.6B, EPS $25.20-26.00, operating margin 13.7-14.0%.
Repurchased 588k shares for $285M in Q1; $1.8B remaining under $2B buyback program.

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