Ulta Beauty reported a positive first quarter, with net sales increasing by 12.3% to $2.6 billion from $2.3 billion in the same period a year prior. The leading beauty retailer's performance was driven by increased comparable sales, the strong performance of new stores, and other revenue growth. Operating income saw a 1.0% rise to $442.1 million. Net income also increased by 4.7% to $347.1 million, and diluted earnings per share rose by 9.2% to $6.88. Ulta also reported having $636.4 million in cash and equivalents, and a 12% inventory increase due to higher demand and the opening of 41 new stores. The company bought back 541,108 shares for $285.8 million in Q1, with $816.5 million remaining under the $2.0 billion share repurchase program.