Ulta Beauty Inc

ULTA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ulta Beauty Earnings: Outshine Expectations, but Outlook and Valuation Not So Pretty

David Swartz

May 30, 2025

Ulta Beauty achieved 2.9% comparable sales growth, a 39.1% gross margin (down 10 basis points), and a 14.1% operating margin (down 60 basis points) in 2025's first quarter. It was Ulta's first full quarter under CEO Kecia Steelman.

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Ulta Beauty Inc

Ulta Beauty Earnings: Outshine Expectations, but Outlook and Valuation Not So Pretty

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