People went wild with online shopping
One of the largest chains of beauty stores in the US, Ulta Beauty, posted Q2 earnings that came below expectations.
#Ulta posted quarterly #earnings of $8.1 million, or 14 cents per share. During the same time last year, it reported a net income of $161 million, or $2.76/share.
Sales figures came in at $1.23 billion, 26% lower than last year’s $1.7 billion.
According to Ulta’s statement, due to the pandemic, its same-store sales fell roughly 27%, but the e-commerce segment reported a 200% increase. Despite the pick-up in demand, it will take a while for the sales to return to the pre-pandemic levels.
For the rest of the year, Ulta Beauty didn't provide any guidance, but it expects pandemic-related costs to reach a high of $40 million.
During the regular trading session, Ulta shares gained 1.5%. In extended trading, shares rose more than 16%.
Read about the latest Q2 reports from the beauty companies here!
Sources: marketwatch.com. cnbc.com