Ulta Beauty has reported stronger-than-expected first-quarter results, driven by growth across all major product categories and channels.

The beauty retailer posted net sales of $3.16 billion for the quarter ended May 2, up 11.1 per cent from a year earlier, while comparable sales increased 5.3 per cent.

President and CEO Kecia Steelman said the performance reflected the strength of the company’s operating model and strategic execution amid ongoing economic uncertainty.

“Our results demonstrate the strengths of our model, the focused execution of our talented associates, and the effectiveness of our strategy in an uncertain macroeconomic landscape. I am particularly proud of our teams’ commitment to delighting our guests while also advancing our longer-term strategic initiatives with discipline,” said Steelman.

Growth during the quarter was supported by continued investments in digital capabilities, including social commerce initiatives and AI-powered shopping tools, as well as the expansion of Ulta Beauty’s prestige beauty portfolio.

Merchandise inventories increased 12.5 per cent year on year to $2.4 billion at the end of the quarter. The company said the increase reflected inventory purchases to support new brand launches, the acquisition of Space NK, strategic investments in key product categories and the addition of 70 net new Ulta Beauty stores since May last year.

Following the strong start to the fiscal year, Ulta Beauty reaffirmed its outlook for net sales growth of 6 to 7 per cent and comparable sales growth of 2.5 to 3.5 per cent. The company also raised its full-year earnings guidance.

“Looking ahead, we remain focused on delivering long-term shareholder value through our strategic growth initiatives, continued prudent cost management, and our differentiated guest experience,” Steelman added.

Ulta Beauty also secured an exclusive partnership with DC Studios and Warner Bros, featuring the upcoming theatrical release of the film Supergirl.