What's In Store For Ulta Beauty This Earnings Season? Analyst Predicts Lower Margins
What's In Store For Ulta Beauty This Earnings Season? Analyst Predicts Lower Margins
JP Morgan analyst Christopher Horvers reiterated an Overweight rating on Ulta Beauty, Inc. (NASDAQ:ULTA), lowering the price forecast to $450 from $544.
摩根大通分析师Christopher Horvers重申了对Ulta Beauty, Inc. (NASDAQ:ULTA)的超额评级,将价格预测从$544降至$450。
The company will report its earnings results tomorrow after the closing bell. Horvers lowered the company's comp forecast to flat for the second quarter, as most investors expect a -1% outcome.
该公司将在闭市后的明天公布其盈利结果。 Horvers将该公司第二季度的同店销售预测调低至平坦,因为大多数投资者预计其结果为-1%。
The analyst has reduced the comps estimate for the second half of 2024 to +1%, with a revised second-quarter EPS of $5.46 and FY24 EPS of $25.10, compared to the consensus estimates of $5.50 and $25.36, respectively.
该分析师已将2024年下半年的同店销售预期调低至+1%,并将第二季度每股收益修订为$5.46,FY24每股收益修订为$25.10,而共识预测分别为$5.50和$25.36。
According to the analyst, expectations for promotions, merchandise margins, and Ulta's ability to enhance overall non-occupancy gross margins in the latter half of the year are too low.
根据分析师的观点,对于促销、商品利润率以及Ulta在下半年提高总非经营毛利率能力的期望值过低。
This comes as Ulta navigates past last year's price and cost challenges and undertakes a full private label product reset, alongside improving supply chain efficiencies.
这与Ulta克服了去年的价格和成本挑战并进行了全面私人品牌产品调整以及改进供应链效率的情况相吻合。
The analyst also noted that Ulta reduced its merchandise margin outlook during its first-quarter call. Missing sales targets and experiencing a gross margin shortfall due to promotions can typically significantly lower a retail stock's valuation.
分析师还指出,在其一季度电话会议期间,Ulta下调了其商品利润率展望。 销售目标的未达成和由于促销而导致的毛利率差额的缺口通常会显著降低零售股票的估值。
On the positive side, the analyst pointed out that the category is growing faster than GDP, with Ulta gaining market share and having a unique advantage due to its in-depth consumer insights, Horvers notes.
从积极的一面来看,分析师指出,该类别的增长速度快于GDP,Ulta扩大了市场份额,并且由于其深入的消费者洞察力而具有独特优势,Horvers指出。
Ulta stands out as the only national beauty retailer offering both prestige and mass products, alongside services and a leading hair care assortment.
Ulta是唯一一家全国性的美容零售商,提供高端和大众产品,同时还提供服务和领先的发护产品系列。
Additionally, department stores are expected to continue losing market share in this category over the long term, the analyst writes.
此外,分析师写道,百货商店预计在长期内将继续失去这一类别的市场份额。