Ulta Beauty Shares Fall Despite Strong Q2 Earnings and Raised Guidance

Ulta Beauty shares fell in premarket trading on Friday, August 28, 2026, despite the beauty retailer reporting second-quarter financial results that exceeded analyst expectations and raising its full-year guidance. The stock traded near $524 before the market opened, down from its closing price of $540.10 on Wednesday, August 26.

The company announced on Wednesday that its earnings per share for the quarter reached $6.55 on an adjusted basis, surpassing the consensus estimate of $6.17. Revenue for the period was $3.04 billion, an 8.9% increase from the prior year and above the forecast of $2.98 billion. Comparable store sales grew by 3.8%, a moderation from the 6.7% expansion recorded in the same quarter last year. Operating profit increased 10.1% to $379.6 million.

Following the results, Ulta raised its financial outlook for fiscal year 2026. The company now expects earnings per share between $28.70 and $29.00, up from its previous range of $28.36 to $28.80. Net sales growth is projected to be between 6.7% and 7.2%, compared to the earlier forecast of 6% to 7%. Comparable sales growth guidance was also lifted to a range of 3.2% to 3.7%.

Chief Executive Officer Kecia Steelman...