(Reuters) – Cosmetics retailer Ulta Magnificence (NASDAQ:ULTA) raised its annual revenue forecast on Thursday, signaling a bounce again in demand for perfumes and make-up in the course of the vacation buying season and sending its shares up greater than 11.5% in aftermarket buying and selling.
The corporate has seen robust engagement from youthful buyers who’re on the look out for each mass merchandise and status manufacturers corresponding to Elf Magnificence and Clinique by Estee Lauder (NYSE:EL), respectively, for the vacations.
It additionally rolled out early offers in November and supplied steep promotions throughout Black Friday.
The retailer, which sells perfumes and make-up, additionally barely nudged the decrease finish of its annual gross sales forecast.
The corporate now expects annual gross sales to be between $11.1 billion and $11.20 billion, in contrast with its prior expectation of $11 billion to $11.20 billion.
Ulta expects annual revenue per share to be between $23.20 and $23.75, up from its prior expectation of $22.60 to $23.50.
Ulta’s robust outcomes come at a time when magnificence giants Estee Lauder and L’Oreal have flagged waning demand in the US for his or her premium magnificence merchandise and upmarket lipsticks and perfumes.
Visits to Ulta’s shops dipped in September from a yr in the past however rapidly bounced again in October, which noticed a 4.5% soar in contrast with a yr earlier, bolstered by Halloween choices and seasonal gross sales in line with knowledge from Placer.ai.
Quarterly web gross sales rose 1.7% to $2.53 billion, helped by contribution from new shops, beating analysts’ estimates of $2.50 billion, in line with knowledge compiled by LSEG.
In the course of the third quarter ending Nov. 2, Ulta opened 28 new shops, reworked 27 shops, and closed two shops. It operated 1,437 shops, on the finish of quarter.
It posted a revenue of $5.14 per share for the quarter, in comparison with estimates of $4.54 per share.
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