Ulta Beauty(US:ULTA) 智通财经网·2025-09-01 12:10Core Viewpoint - UBS believes that Ulta Beauty is in a strong position, with potential for further stock price appreciation following the release of its latest financial results [1] Group 1: Financial Performance - Ulta Beauty reported a same-store sales growth of 6.7% in the second quarter, significantly exceeding the market expectation of 5% [1] - The growth was driven by a 3.7% increase in transaction volume and a 2.9% rise in average transaction value [1] - The company's performance outpaced the overall beauty market, attributed to better execution, new product offerings, and other initiatives [1] Group 2: Future Outlook - UBS anticipates that Ulta Beauty's same-store sales growth will slow down in the second half of the year, projecting a range of flat to low single digits [2] - Despite this cautious outlook, UBS believes the company is well-positioned to continue outperforming the industry and may drive upward revisions in earnings expectations [2] - By 2026, Ulta Beauty is expected to benefit from additional growth drivers, including the full launch of third-party markets and the "replenish and save" initiative [2] Group 3: Long-term Potential - UBS suggests that Ulta Beauty may reassess its long-term financial targets due to its consistent outperformance in short-term fundamentals [2] - There is potential for an increase in the company's long-term profit margin target of approximately 12% as peak investment in sales management expenses diminishes [2] - Accelerated international expansion and new revenue channels like UB Media and third-party markets are expected to support continued double-digit EPS growth [2]