Why Ulta Beauty Stock Popped Today
Shares of cosmetics retail chain Ulta Beauty (NASDAQ: ULTA) popped on Friday after the company reported financial results for the third quarter of 2023. As of 1 p.m. ET, Ulta Beauty stock was up about 12%.
In Q3 (which ended Oct. 28), Ulta Beauty had net sales of almost $2.5 billion, which was up a healthy 6.4% year over year. Net-sales growth was primarily driven by same-store-sales growth of 4.5%. But the company also opened 12 net new stores during the quarter, which provided a small boost to sales as well.
Ulta Beauty's Q3 gross profit margin was 39.9%, and its operating margin was 13.1%. Both of these profit metrics were down from the prior-year period.
Source Fool.com
