Ulta Beauty Inc.’s first-quarter results topped Wall Street estimates, signalling that shoppers are keeping up with non-essential beauty purchases despite growing economic concerns.

Profit last quarter was $6.70 a share, the company said Thursday after markets closed, beating analyst expectations for $5.80. Comparable sales were also higher than expected. The company boosted its full-year outlook for sales and profit.

The stock rose 7.3 percent in after-market trading in New York. The shares had fallen 4 percent this year through Wednesday’s close.

By Carrington York

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Ulta Beauty Cuts Sales Outlook on Slowing Consumer Demand

Ulta Beauty Inc. trimmed its sales forecast as more US consumers cut back on makeup and cosmetics in the face of higher prices and elevated borrowing costs.