Ulta Salon continues to run on Q2 results, growth outlook, Sterne Agee PT hike

|About: Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA)|By:, SA News Editor

Ulta Salon (ULTA +15.6%) shares continue to run following the company's Q2 beat.

Comparable store sales increased 8.4% in Q2, following a 9.7% increase in Q2 2012. Ulta opened 25 new stores in Q2, and total square footage increased 25% Y/Y. (PR)

Management guided for Q3 revenue of $613M-$623M (consensus of $618.5M), EPS of $0.71-$0.74 (consensus of $0.76), and comparable store sales growth of 8.4%. The company reiterated full-year guidance.

Sterne Agee raises its PT to $125 ($104 previous), citing increased confidence in its outlook of the company's growth and its new CEO.

CEO Mary Dillon on the conference call: "I expect that share gains will come through new store growth, healthy same-store sales growth, driven by new customer acquisition and more frequent visits of existing customers who are attracted by newness in our offering and the strength of our marketing and loyalty programs."