Ulta Beauty reported its first-quarter financial results for fiscal 2024. 
 
Dave Kimbell, CEO, Ulta Beauty, commented, 
 
“The Ulta Beauty team delivered net sales growth of 3.5% and comparable sales growth of 1.6% in a dynamic operating environment… We have a clear plan to accelerate our momentum and continue delivering a best-in-class assortment and engaging experiences for our guests. I remain confident in our differentiated model, the resilience of the beauty category, and our ability to execute against our plans, but we have adjusted our annual guidance as we anticipate the dynamics, we faced in the first quarter to continue for the balance of the year.”
 
Earlier this year, Ulta experienced a drop in shares that was more than expected. However, the company achieved a 3.5% increase in net sales of $2.7 billion, compared to $2.6 billion in Q1 of 2023.
 
Ulta Beauty’s gross profit increased 1.4% to $1.07 billion this quarter compared to $1.05 billion, and Q1 2024 net income was $313.1 million compared to $347.1 million.
 
During the first quarter of 2024, Ulta opened 12 new stores, closed two stores, and relocated one store. By the end of Q1, the company operated 1,395 stores totaling 14.6 million square feet.
 
At the end of Q1 2024, merchandising inventories increased to $1.9 billion compared to $1.8 billion at the end of the first quarter of 2023. The increase was mostly from inventory to support new brand launches, 36 net new stores, and an increase in a distribution center.

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