Executive Summary

• Ulta Beauty reported 2Q16 revenues of $1,069.2 million, up 21.9% from last year’s $887 million and slightly above the consensus estimate of $1.07 billion.
• The company acquired new customers in 2Q16. Its loyalty program surpassed the 20-million-member milestone in the quarter, and now has 20.6 million active members, up 27% from last year.
• Ulta also raised guidance for fiscal year 2016. The company now plans to achieve 11%–13% comps versus the previously guided 10%–12%. EPS growth for the year is now expected to be in the low- to mid-20% range, compared to the previous guidance of low twenties.