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Ulta Beauty reported Q1 fiscal 2025 net sales up 4.5% to $2.8 billion, with 2.9% comparable sales growth driven by higher tickets and transactions. Gross margins dipped slightly to 39.1%, operating income steady at 14.1%, but net income fell to $305.1 million. Strong cash flow supports buybacks and expansions, bolstered by skincare trends and loyalty program amid economic headwinds.

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