Summary by Moomoo AI
Ulta Beauty reported Q2 fiscal 2024 net sales of $2.55 billion, up 0.9% year-over-year, with comparable sales decreasing 1.2%. Net income fell 15.8% to $252.6 million, or $5.30 per diluted share. Gross profit margin declined to 38.3% from 39.3% last year due to lower merchandise margins and store fixed cost deleverage.SG&A expenses increased 7.3% to $644.8 million, primarily from higher store payroll, corporate overhead, and marketing expenses. The company opened 29 new stores and closed 3 during the quarter, ending with 1,411 stores. Inventory levels rose 10.1% year-over-year to $2.0 billion, mainly due to new brand launches and distribution center expansion.For the first half of fiscal 2024, net sales increased 2.2% to $5.28 billion, while net income decreased 12.6% to $565.7 million. Ulta Beauty repurchased 1.14 million shares for $501.8 million in the first half and had $1.57 billion remaining under its share repurchase authorization as of August 3, 2024.
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