Ulta Beauty (ULTA) official guidance

Note, our updated estimates assume a weighted average share count of approximately 43 million shares and a tax rate of approximately 24.5%.

Note, our updated estimates assume a weighted average share count of approximately 43 million shares and a tax rate of approximately 24.5%.

Reflecting these assumptions, we anticipate diluted EPS will be between $28.05 and $28.55 per share, representing growth between 9.4% and 11.4% respectively, including the impact of share repurchases and an assumed tax rate between 24.2% and 24.4%.

| Diluted earnings per share | ​ | ​ | $28.36 to $28.80 | ​ | $28.70 to $29.00 |

Reflecting the impact of these assumptions, we have increased our EPS estimates. We now expect diluted EPS will be between $28.36 and $28.80 per share. Our new guidance represents growth between 10.6% and 12.3% respectively, compared to previous growth expectations of 9.4% to 11.4%.

| Diluted earnings per share | ​ | ​ | $28.05 to $28.55 | ​ | $28.36 to $28.80 |

Reflecting these assumptions, we anticipate diluted EPS will be between $28.05 and $28.55 per share, representing growth between 9.4% and 11.4% respectively, including the impact of share repurchases and an assumed tax rate between 24.2% and 24.4%.

| Diluted earnings per share | ​ | ​ | $28.05 to $28.55 |

For modeling purposes, we continue to expect gross margin will be roughly flat for the year, driven by higher inventory productivity, continued momentum in supply chain productivity, and a modest improvement in inventory shrink, which is expected to offset pressure from higher fuel costs and help balance targeted investments to bring competitive offerings across our unique mass-to-luxury assortment to our value-focused guest.

We expect gross margin will be approximately flat as benefits from higher merchandise margin, driven primarily by greater inventory productivity, will likely be offset by deleverage of store fixed costs and other revenue.

We continue to expect to generate strong operating cash flow, which will enable reinvestment to support future growth and also support our intent to return capital to shareholders through our stock repurchase program.

We delivered SG&A growth in the first quarter consistent with our expectations, and we have not changed our full-year targets. We continue to plan SG&A growth in line to slightly below net sales growth and intend to invest in a disciplined way that supports and maximizes profitable growth.

We will continue to invest in growth opportunities, but we are planning SG&A growth to be in line with to slightly below net sales growth and significantly lower than fiscal 2025, enabled by productivity programs and disciplined investment prioritization.

We simply stepped down into low single-digit growth, in the second half of the year because we're going to anniversary over those items.

| Operating income growth | ​ | ​ | 6.5% to 9% | ​ | 8.3% to 9.3% |

Reflecting the strong performance execution in the first quarter, we have enhanced our expectations and now expect operating profit will increase between 6.5% and 9% for the year.

| Operating income growth | ​ | ​ | 6% to 9% | ​ | 6.5% to 9% |

We expect operating profit will increase between 6% and 9%, resulting in operating margin being flat to up 20 basis points.

| Operating income growth | ​ | ​ | 6% to 9% |

We expect operating profit will increase between 6% and 9%, resulting in operating margin being flat to up 20 basis points.

| Comparable sales growth | ​ | ​ | 2.5% to 3.5% | ​ | 3.2% to 3.7% |

Given our strong Q1 performance, we are maintaining our comp sales growth commitment and continue to expect comp growth for the full year will be between 2.5% and 3.5%.

| Comparable sales growth | ​ | ​ | 2.5% to 3.5% | ​ | no change |

For the year, we anticipate net sales will increase between 6%-7%, with comp sales growth between 2.5%-3.5%.

| Comparable sales growth | ​ | ​ | 2.5% to 3.5% |

| Net sales growth | ​ | ​ | 6% to 7% | ​ | 6.7% to 7.2% |

For the year, we are maintaining our guidance for sales and continue to expect net sales will increase between 6%-7%.

| Net sales growth | ​ | ​ | 6% to 7% | ​ | no change |

For the year, we anticipate net sales will increase between 6%-7%, with comp sales growth between 2.5%-3.5%.

| Net sales growth | ​ | ​ | 6% to 7% |

| Capital expenditures | ​ | ​ | $400 million to $450 million | ​ | no change |

We expect capital expenditures for the year will be between $400 million and $450 million, primarily to expand and refresh our store portfolio, as well as investments in digital and information technology capabilities and supply chain optimization to support the guest experience and drive further operational productivity.

| Capital expenditures | ​ | ​ | $400 million to $450 million |

In the first quarter, we announced an increase in our fiscal 2026 stock buyback target from $1 billion to $1.5 billion.

We expect these plans, combined with the ongoing efforts to enhance inventory productivity, will continue to generate strong operating cash flow, which will enable reinvestment to support future growth and also support our intent to return approximately $1 billion of capital to shareholders through our stock repurchase program.