Ulta Beauty is bracing for a slowdown in the retail industry’s most resilient sector, but one company is defying expectations. Oddity Tech, a new Israeli cosmetics platform utilizing artificial intelligence for product development, exceeded first-quarter projections and raised its annual forecast.
Comparing the performance of the beauty retailer with brands like Il Makiage and Spoiled Child to Wall Street estimates, the results are impressive:
Earnings per share: 61 cents (adjusted) vs. expected 49 centsRevenue: $211.63 million vs. expected $205 million
In the first quarter ending March 31, the company reported a net income of $32.98 million, or 53 cents per share, a significant increase from $19.59 million, or 35 cents per share, the previous year. Excluding one-time items, Oddity reported earnings of 61 cents per share.
Sales also saw a substantial rise to $212 million, marking a 28% increase from $166 million in the previous year.
With such strong results, the company is now anticipating a successful full year ahead.
2024-05-07 15:56:56
Original source: www.cnbc.com