ULTA - Ulta Beauty Inc. (ULTA) Q1 2024 Earnings Call Transcript
2024-05-30 20:04:09 ET
Ulta Beauty, Inc. (ULTA)
Q1 2024 Earnings Conference Call
May 30, 2024, 04:30 PM ET
Company Participants
Kiley Rawlins - CFA, Vice President, Investor Relations
Dave Kimbell - Chief Executive Officer
Paula Oyibo - Chief Financial Officer
Kecia Steelman - President and Chief Operating Officer
Conference Call Participants
Simeon Siegel - BMO Capital Markets
Simeon Gutman - Morgan Stanley
Kate McShane - Goldman Sachs
Chris Horvers - JPMorgan
Mark Altschwager - Baird
Oliver Chen - TD Cowen
Michael Binetti - Evercore ISI
Krisztina Katai - Deutsche Bank
Presentation
Operator
Good afternoon and welcome to Ulta Beauty's Conference Call to discuss Results for the Ulta Beauty's First Quarter 2024 Earnings Results. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Ms. Rawlins, please proceed.
Kiley Rawlins
Thank you, Sherry. Good afternoon, everyone, and thank you for joining us for a discussion of Ulta Beauty's results for the first quarter of fiscal 2024. Hosting our call today are Dave Kimbell, Chief Executive Officer and Paula Oyibo, Chief Financial Officer. Kecia Steelman, President and Chief Operating Officer will join us for the Q&A session.
Before we begin, I'd like to remind you of the Company's Safe Harbor language. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the Company's filings with the SEC. We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, May 30, 2024. We have no obligation to update or revise our forward-looking statements, except as required by law, and you should not expect us to do so.
Now, I'll turn the call over to Dave. Dave?
Dave Kimbell
Thank you, Kylie and good afternoon everyone. We appreciate your interest in Ulta Beauty. For the first quarter, net sales increased 3.5% to $2.7 billion and comp sales grew 1.6%. Operating profit was 14.7% of sales and diluted EPS was $6.47 per share. We expected comp growth this quarter would be in the low single digit range as we lapped strong performance last year.
I am proud of how our teams adjusted our go-to-market activity to adapt to a rapidly evolving marketplace, thoughtfully managed expenses across the enterprise and importantly, continued to execute our transformational agenda with excellence. As we look forward to the rest of the year, we believe it is prudent to anticipate a continuation of the dynamic environment we experienced in the first quarter and therefore have adjusted our expectations for the remainder of the year. Paula will give more detail on these revisions later in her prepared comments....
Ulta Beauty, Inc. (ULTA) Q1 2024 Earnings Call Transcript