Ulta Beauty lifted its annual earnings and sales guidance after reporting better-than-expected second-quarter results. The cosmetics retailer now projects fiscal 2024 earnings per share between $28.70 and $29.00, up from its prior range of $28.36 to $28.80. Net sales are expected to rise 6.7% to 7.2%, compared with the earlier estimate of 6% to 7%.

Comparable sales are forecast to grow 3.2% to 3.7%, up from 2.5% to 3.5% previously. In the latest quarter, profit reached $282 million, or $6.55 per share, beating the $260.9 million, or $5.78 per share, from a year earlier. Analysts had expected earnings of $6.20 per share.

Revenue climbed 8.9% to $3.04 billion, exceeding the $2.99 billion consensus. Comparable sales rose 3.8%, above the projected 2.3% increase. CEO Kecia Steelman attributed the performance to the company's focus on innovation, value, and convenience, which strengthened its market position.