Ulta's 2Q results beat Wall Street's expectations

The company, whose formal name is Ulta Salon, Cosmetics & Fragrance Inc., reported late Thursday that it earned $35 million, or 54 cents per share, for the quarter ended July 28. A year ago it earned $23.9 million, or 38 cents per share.

Analysts predicted earnings of 51 cents per share, according to a FactSet poll.

Revenue increased 22 percent to $481.7 million from $394.6 million. Wall Street forecast $474.1 million.

Revenue at stores open at least 14 months rose 9.3 percent. This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

Ulta anticipates third-quarter earnings of 54 cents to 56 cents per share on revenue between $494 million and $503 million.

The company said that it foresees fiscal 2012 earnings of $2.58 to $2.60 per share.

Analysts expect third-quarter earnings of 55 cents per share on revenue of $501.4 million and full-year earnings of $2.55 per share.

Ulta, based in Bolingbrook, Ill., had 489 stores in 45 states at quarter's end.

Its shares finished at $95.26 on Thursday. Its shares are near their high for the past year of $98.42 set in mid-June.