(RTTNews) - Shares of beauty retailer Ulta Beauty, Inc. (ULTA) are rising more than 7% Friday morning on better-than-expected earnings.
The company's net income in the second quarter decreased to $8.1 million or $0.14 per share compared with $161.3 million or $2.76 per share in the same quarter a year ago.
Adjusted earnings per share of $0.73, beat the average estimate of analysts polled by Thomson Reuters at $0.06 per share.
Net sales for the quarter decreased 26.3% to $1.2 billion from $1.7 billion last year.
However, the company's chief executive officer Mary Dillon said, "Given continued disruption from the pandemic, new operational protocols, and near-term employment and economic uncertainty, we expect sales will continue to be challenged for the rest of the year."
ULTA is currently trading at $240.24. It has traded in the range of $124.05- $342 in the past 52 weeks.
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