Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The latest earnings of Ulta Beauty show that in Q1 2024, the company reported a 3.5% rise in net sales to $2.7 billion, and 1.6% growth in comp sales.</li><li>Also, the diluted earnings per share were $6.47.</li><li>However, amid a rapidly shifting marketplace, the company has adjusted its expectations for the rest of the year.</li></ul>

The latest earnings of Ulta Beauty show that in Q1 2024, the company reported a 3.5% rise in net sales to $2.7 billion, and 1.6% growth in comp sales.Also, the diluted earnings per share were $6.47.However, amid a rapidly shifting marketplace, the company has adjusted its expectations for the rest of the year.

Ulta Beauty Inc.: What Results Will The Gross Margin Management Efforts Yield In 2024

<ul><li>Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform transformation.</li><li>Ulta Beauty carries forward a positive momentum with Q4 net sales recording an increase of 10.2% to $3.6 billion and fiscal year net sales bumping up by 9.8% to $11.2 billion.</li><li>The company robustly exceeded its internal expectations in sales, operating margin, and EPS. Ulta Beauty’s strategic move of curating an assortment, enhancing marketing strategies, and incorporating new fulfillment and technology capabilities have catalyzed their sustainable growth.</li></ul>

Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform transformation.Ulta Beauty carries forward a positive momentum with Q4 net sales recording an increase of 10.2% to $3.6 billion and fiscal year net sales bumping up by 9.8% to $11.2 billion.The company robustly exceeded its internal expectations in sales, operating margin, and EPS. Ulta Beauty’s strategic move of curating an assortment, enhancing marketing strategies, and incorporating new fulfillment and technology capabilities have catalyzed their sustainable growth.

Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers

<ul><li>Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings, surpassing internal expectations in sales, gross profit, and EPS.</li><li>This quarter, they achieved a 6.4% increase in net sales to $2.5 billion, with operating profit at 13.1% of sales and diluted EPS reaching $5.07 per share.</li><li>In makeup, while overall sales remained flat, mass makeup experienced mid-single-digit growth, offsetting a modest decline in prestige makeup.</li></ul>

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings, surpassing internal expectations in sales, gross profit, and EPS.This quarter, they achieved a 6.4% increase in net sales to $2.5 billion, with operating profit at 13.1% of sales and diluted EPS reaching $5.07 per share.In makeup, while overall sales remained flat, mass makeup experienced mid-single-digit growth, offsetting a modest decline in prestige makeup.

Ulta Beauty Inc.: Skincare Sales & Digital Channels Skyrocketing - What's Driving the Growth? - Major Drivers

<ul><li>Ulta Beauty surpassed the revenue and earnings expectations of Wall Street.</li><li>For the quarter, all major categories produced comp growth.</li><li>The quarter saw double-digit growth in both prestige and mass skin care.</li></ul>

Ulta Beauty surpassed the revenue and earnings expectations of Wall Street.For the quarter, all major categories produced comp growth.The quarter saw double-digit growth in both prestige and mass skin care.

Ulta Beauty Inc.: The Powerhouses Behind Their Double-Digit Comp Growth! - Major Drivers

Equity Capital Markets

<ul><li>Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>However, the importance of self-care remains strong as evidenced by the solid engagement with beauty products.</li><li>They look to enhance guest experiences across touchpoints, including their digital store and Ulta Beauty at Target.</li></ul>

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings.However, the importance of self-care remains strong as evidenced by the solid engagement with beauty products.They look to enhance guest experiences across touchpoints, including their digital store and Ulta Beauty at Target.

Ulta Beauty: Strong Self-Care Sales Are a Sign of Things to Come – Key Drivers

United States

Dick's Sporting Goods, Inc. operates as a sporting goods retailer that manages stores primarily in the eastern and central United States. The Company owns stores that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.

Burlington Stores, Inc. owns and operates clothing retail stores. The Company offers, through its stores and internet sites, men's, women's, and children's apparel. Burlington Holding operates within the United States and Puerto Rico.

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products.  Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

Murphy USA Inc. produces and distributes petroleum products. The Company engages in refining, marketing, and transportation of oil and gas products. Murphy USA provides products and services worldwide.

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

Lithia Motors, Inc. retails, finances, and services new and used vehicles. The Company also provides other related services and products, such as the sale of parts and accessories, extended service contracts, aftermarket automotive products, and collision repair services. Lithia Motors operates throughout the United States.

Williams-Sonoma, Inc. retails cooking and serving equipment, home furnishings, and home accessories through retail stores, mail order catalogs and e-commerce. The Company offers its merchandise under the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, and West Elm.

GameStop Corporation operates specialty electronic game and PC entertainment software stores throughout the United States, Australia, Canada and Europe. The Company stores sell new and used video game hardware, video game software and accessories, as well as PC entertainment software, and related accessories and other merchandise.

Penske Automotive Group, Inc. operates franchised automobile dealerships. The Company's franchises are located throughout the United States, Puerto Rico and the United Kingdom.  Penske Automotive sells new and used vehicles as well as offers maintenance and repair services on all brands it represents.

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

HIKARI TSUSHIN, INC. is a mobile telecommunication service subscription agency. The Company also operates telecommunication services stores, HIT SHOP, which sell cellular telephones, and related goods.  Hikari Tsushin also sells office automation equipment and insurance.

Hotai Motor Company Ltd. operates as an automobile dealership. The Company sells and services new and used cars and trucks in Taiwan.

Nitori Holdings Co., Ltd., is based in Hokkaido and operates a furniture retail chain.  The Company sells living room furniture, storage furniture, dining furniture, office furniture, beds, and interior goods.  Nitori Holdings also sells original brand merchandise and imported merchandise.

Zalando SE provides online sale of fashion accessories. The Company offers clothing, sports products, shoes, bags, and other accessories for men, women, and children. Zalando markets its products worldwide.

JD Sports Fashion PLC operates a chain of retail stores which sell brand-name sports and leisure wear. The Company sells sports and leisure footwear, clothing, and accessories, among other items. JD Sports Fashion serves customers in the United Kingdom.

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children.  The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

JB Hi-Fi Limited is a music and electronic goods retailer in Australia.  The Company operates stores at sites located in most Australian States.  Products include consumer electronics, car sound systems, music and DVDs.

ABC-MART, INC. plans, develops, wholesales, and retails shoes.  The Company also plans and develops brand name shoes such as VANS and G.T. HAWKINS.  ABC-Mart imports and wholesales shoes, apparel, bags, and sundries as well.

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

Ulta Beauty, Inc. operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin, and hair care products, as well as salon services. Ulta Beauty serves customers throughout the United States.

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Ulta Beauty (ULTA US)

Ulta Beauty Inc.: What Results Will The Gross Margin Management Efforts Yield In 2024

The latest earnings of Ulta Beauty show that in Q1 2024, the company reported a 3.5% rise in net sales to $2.7 billion, and 1.6% growth in comp...

Baptista Research

Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers

Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform...

Baptista Research

Ulta Beauty Inc.: Skincare Sales & Digital Channels Skyrocketing - What's Driving the Growth? - Major Drivers

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings, surpassing internal expectations in sales, gross...

Baptista Research

Ulta Beauty Inc.: The Powerhouses Behind Their Double-Digit Comp Growth! - Major Drivers

Ulta Beauty surpassed the revenue and earnings expectations of Wall Street. For the quarter, all major categories produced comp growth. The...

Baptista Research

Ulta Beauty: Strong Self-Care Sales Are a Sign of Things to Come – Key Drivers

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings. However, the importance of self-care remains strong as...

Baptista Research

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