Business
Ulta shares pop as beauty retailer hikes sales and earnings outlook for second straight quarter
Ulta Beauty on Thursday raised its full-year sales outlook after topping Wall Street’s fiscal third-quarter expectations and seeing shoppers splurge on perfumes, skincare items and more.
The beauty retailer said it now expects net sales for the year to be approximately $12.3 billion, higher than its previous expectations of $12 billion to $12.1 billion. That would would represent an increase from last fiscal year’s net sales of $11.3 billion. It expects earnings per share of $25.20 to $25.50, up from its prior expectations of $23.85 to $24.30.
It anticipates comparable sales, a metric that includes sales at stores open at least 14 months and e-commerce sales, to rise by 4.4% to 4.7%, up from its prior outlook of 2.5% to 3.5%.
Ulta has raised its sales and profit outlook for two consecutive quarters. The company’s stock rose more than 6% in extended trading.
In a news release, CEO Kecia Steelman said “exciting assortment newness, improved in-store and digital experiences, and bold marketing efforts are resonating with our guests and drove strong sales results.”
On the company’s earnings call, she said that Ulta is “pleased with our Black Friday and Cyber Monday performance” and ready for the shopping season — even one when consumers may be more selective about spending.
“Our insights suggest beauty consumers’ budgets are tight and they are focused on value,” she said. “Despite this, beauty enthusiasts tell us that they spend intend to spend on beauty for seasonal needs, affordable splurges and gifts for loved ones. They are focused on replenishing their essentials and strategically making smart purchases around strong value.”
Here’s what the retailer reported for the fiscal third quarter compared with what Wall Street expected, according to LSEG:
- Earnings per share: $5.14 vs. $4.64 expected
- Revenue: $2.86 billion vs. $2.72 billion expected
Ulta has benefitted from shoppers who have kept spending on beauty, even as they trim the budget or seek out lower-priced options in other discretionary categories. Yet the company faces stiffer competition from a wide range of rivals, including big-box retailers like Walmart, online players like Amazon and upstarts like TikTok Shop.
Beauty sales have been strong overall this year in the U.S., according to data from market research firm Circana. In the first nine months of 2025, prestige beauty sales in terms of dollars rose 4% and mass beauty sales rose 5% year over year.
According to Circana, beauty is poised to be a popular category during the holidays, with the market researcher’s surveys indicating that more consumers plan to gift beauty products than a year ago, particularly those in households with higher-incomes and those with children.
Revenue rose from $2.53 billion in the year-ago quarter.
Comparable sales jumped by 6.3% year over year. Shoppers visited Ulta’s stores and websites more and spent more during visits. Average ticket rose 3.8% and transactions increased by 2.4% year over year.
In the three-month period that ended Nov. 1, Ulta reported net income of $230.9 million, or $5.14 per share, compared with $242.2 million, or $5.14 per share, in the year-ago quarter.
Though consumer confidence is weak, Steelman said on Ulta’s earnings call that “beauty engagement remained healthy.” She said sales of both mass and prestige beauty items grew by mid single-digits year over year.
Fragrance was its strongest category in the quarter, with double-digit sales growth year over year, as shoppers bought luxury scents from Valentino and Dolce & Gabbana and also lower-priced scents like Squishmallows perfumes.
Steelman said that in October, Ulta added more shelf space for fragrance in more than 60% of its U.S. stores to try to get ready for higher demand during the holidays and beyond.
In skincare, the retailer’s second-fastest growing category, sales grew by high single digits year over year, she said. Shoppers bought items they discovered on social media, including Korean or K-beauty brands and purchased merchandise from Rihanna’s Fenty Skin Body collection, which launched in the fall.
To drive growth, Ulta has also been expanding internationally and launched a third-party marketplace in October. In July, it announced it had acquired Space NK, a British beauty retailer, from Manzanita Capital. The deal allows Ulta to enter a new international market, since Space NK has 83 stores in the United Kingdom and Ireland.
During the third quarter, Ulta opened seven stores in Mexico through its joint venture partnership with Grupo Bakso. It opened its first Ulta store in the Middle East in Kuwait last month through a franchise partnership with Al-Shabaab.
Through its marketplace, Ulta has added more than 120 brands and over 3,500 unique items to its online assortment, Steelman said. She said the company is “pleased with the initial performance and optimistic about how this new capability can help us strengthen our existing category, attract new guests, and capitalize on incremental growth opportunities in new subcategories,” such as wellness.
Higher tariffs have influenced some of the prices of items carried by Ulta, too. The company saw more brand-driven price increases in the third quarter than the second quarter, interim Chief Financial Officer Chris Lialios said.
Sales in the haircare category grew by mid single-digits, despite a sales decline in personal styling tools that have felt pressure from tariff-related price increases, Steelman said.
Ulta announced in October that Christopher DelOrefice, the chief financial officer of medical technology company Becton Dickinson & Company, will become its new CFO. He will start in the role on Dec. 5.
As of Thursday’s close, Ulta’s shares have risen about 23% so far this year. That surpasses the S&P 500’s nearly 17% gains during the same period.
Business
IMF Raises India’s 2025 Growth To 7.3%
Washington: The International Monetary Fund on Monday raised India’s economic growth projection for 2025 by a sharp 0.7 percentage point to 7.3 per cent, citing stronger-than-expected performance in the second half of the year, even as it expects growth to moderate in the coming years.
In its World Economic Outlook Update, the IMF said the upward revision reflects a “better-than-expected outturn in the third quarter of the year and strong momentum in the fourth quarter,” underscoring India’s position as one of the fastest-growing major economies in the world.
The IMF projected that India’s growth would ease to 6.4 per cent in 2026 and 2027 as cyclical and temporary factors wane.
Despite the expected moderation, India remains a key driver of growth among emerging market and developing economies, which the IMF said are projected to expand at just over 4 per cent in 2026 and 2027.
Emerging and developing Asia continues to benefit from strong technology-related investment and trade, even as global momentum becomes uneven.
The update noted that global growth is projected to hold steady at 3.3 per cent in 2026, supported by easing trade tensions, accommodative financial conditions and a surge in investment linked to technology, particularly artificial intelligence.
Inflation trends were also favourable for India. The IMF said inflation in India “is expected to go back to near target levels after a marked decline in 2025, driven by subdued food prices,” offering additional support to domestic demand.
However, the IMF cautioned that risks to the outlook remain tilted to the downside. A reassessment of expectations around AI-driven productivity gains could lead to a pullback in investment and tighter global financial conditions, with spillover effects for emerging economies.
On the upside, the Fund said faster adoption of artificial intelligence could lift global growth, provided productivity gains materialise, and financial risks are contained.
Business
Why the US is buying icebreakers from Finland
Adrienne MurrayBusiness reporter, Helsinki
Aker Arctic TechnologyAs President Donald Trump continues to insist that the US needs to own Greenland, his wider focus on the Arctic region has seen Washington order new icebreakers.
For these ships, which can sail through seas covered in solid ice, the US has gone to the world expert – Finland.
Temperatures are sub-zero inside Aker Arctic Technology’s ice laboratory, as the scale model of an icebreaker cruises down a 70m-long simulation tank.
It ploughs a neat channel through the frozen surface of the water.
Undergoing testing at a facility in Helsinki, Finland’s capital, this is a design for the next generation of the country’s icebreakers.
“It’s crucial that it has sufficient structural strength and engine power,” says ice performance engineer, Riikka Matala.
Mika Hovilainen, the firm’s chief executive, adds that the shape of the vessel is also crucial. “You have to have a hull form that breaks ice by bending it downwards,” he says. “It’s not cutting, it’s not slicing.”
Finland is the undisputed world leader when it comes to icebreakers. Finnish companies have designed 80% of all those currently in operation, and 60% were built at shipyards in Finland.
The country leads the way out of necessity, explains Maunu Visuri, president and chief executive of Finnish state-owned company Arctia, which operates a fleet of eight icebreakers.
“Finland is the only country in the world where all the harbours may freeze during wintertime,” he says, adding that 97% of all goods to the country are imported by sea.
During the coldest months, icebreakers keep Finland’s ports open, and work as pathfinders for big cargo ships. “It’s really a necessity for Finland. We say that Finland is an island.”
It was this expertise that saw Trump announce in October that the US planned to order four icebreakers from Finland for the US Coast Guard.
A further seven of the vessels, which the US is calling “Arctic Security Cutters”, are to be built in the US, using Finnish designs and expertise.
“We’re buying the finest icebreakers in the world, and Finland is known for making them,” said Trump.
Adrienne MurrayUnder US law, the country’s naval and coastguard ships must be domestically-built, but in this case the president waived that requirement on national security grounds. He cited “aggressive military posturing, and economic encroachment by foreign adversaries”, by which he means Russia and China.
This US concern comes as climate change continues to make the Arctic Ocean more navigable for cargo ships, at least if icebreakers lead the way by cutting a path. This opens up commercial trade routes from Asia to Europe, either above Russia, or north of Alaska and Canada’s mainland, and down past Greenland.
Reduced ice levels also mean that oil and gas fields beneath the Arctic are more accessible.
“There’s simply a lot more traffic in that part of the world now,” notes Peter Rybski, a retired US Navy officer and Helsinki-based, Arctic expert.
“You have an active oil and gas exploration and extraction industry in Russia, as well as a newly-emerging trans-shipment route from Europe to Asia.”
Rauma Marine ConstructionsFollowing Trump’s outline announcement last autumn, the first contracts were awarded on 29 December.
Finland’s Rauma Marine Constructions is to build two icebreakers for the US Coast Guard at its shipyard in the Finnish port of Rauma. The first ship is due to be delivered in 2028.
A further four will be constructed in Louisiana, with all six using an Aker Arctic Technology diesel-electric powered design.
The US orders are part of an effort to catch up with the number of Russian icebreakers. Currently Russia has around 40, including eight that are nuclear powered.
By contrast, the US presently only has three in operation.
Meanwhile China operates around five polar-capable vessels. “None of them are technically icebreakers,” says Rybski, pointing to their design not meeting the strict criteria. “But they are increasing their fleet.”
He adds that China has increasingly been sending these “research” ships into Arctic waters between Alaska and the far east of Russia, including areas that the US considers its “exclusive economic zone”.
“With limited means to respond this becomes a problem [for the US].”
Trump’s desire to enlarge its icebreaker fleet goes beyond the practicalities of operating in ice-clad Arctic seas, assesses Lin Mortensgaard, a researcher at the Danish Institute of International Studies. She says it is also about projecting power.
“No matter how many aircraft carriers you have and how much you use them to threaten states with, you cannot sail your aircraft carrier into the central Arctic Ocean,” she says.
“Icebreakers are really the only kind of naval vessel to signal that you are an Arctic state, with Arctic capabilities. And I think this is what much of the US discourse is about.”
James BrooksBack in Finland, Helsinki Shipyard occupies a dock on the capital’s waterfront. It is where half of the world’s icebreakers have been made. Today owned by Canadian firm Davie, it also hopes to win new contracts from the US Coast Guard.
“The geopolitical situation has changed definitely,” says the shipyard’s managing director, Kim Salmi.
“We have our eastern neighbour here [Russia]. They are building their own [new] fleet. And the Chinese are building their fleet.”
He adds: “The US, Canada and the western allies in general, are looking for the power balance.”
Inside a cavernous shipbuilding hangar, workers cut and weld steel for the yard’s latest icebreaker, a heavy-duty Arctic vessel, called Polarmax that’s destined for the Canadian coastguard.
The Finns can build these complex vessels remarkably swiftly – it takes between two-and-a-half and three years – thanks to a streamlined production method, and decades of experience.
“Over 100 years, we have practised this,” says Arctia’s Visuri. “You’ve got this cycle of designers, operators, builders. That’s why Finland is the superpower of icebreakers.”
Business
Gold price today: How much 22K, 24K gold cost in Delhi, Mumbai & other cities – Check rates – The Times of India
Gold prices remained high on Monday as investors continued to seek safety amid rising geopolitical tensions and trade-related uncertainties.Gold and silver prices surged to fresh record levels as escalating geopolitical risks and shifting US monetary expectations boosted demand for safe-haven assets. Renewed unrest in Iran, fresh US tariff threats against several European countries over Greenland and broader global uncertainty supported buying in precious metals.On the MCX, gold February futures jumped nearly Rs 3,000, or over 2%, to hit a fresh all-time high of Rs 1,45,500 per 10 grams. Silver also outperformed, with futures rising sharply to record levels.In international markets, spot gold climbed 1.7% to a new high of $4,673 an ounce, while silver rose about 3% to around $94 per troy ounce. Overseas silver futures surged more than 6% to hit a record $94.35 per ounce.
Gold prices in Delhi today
Gold prices in Delhi rose on Monday. The price of 24-carat gold stood at Rs 14,584 per gram, up by Rs 191. The rate for 22-carat gold was Rs 13,370 per gram, higher by Rs 175, while 18-carat gold was priced at Rs 10,942 per gram, up by Rs 143.
Gold prices in Mumbai today
In Mumbai, 24-carat gold was priced at Rs 14,569 per gram, up by Rs 191. The price of 22-carat gold stood at Rs 13,355 per gram, up by Rs 175, while 18-carat gold was trading at Rs 10,927 per gram, up by Rs 143.
Gold prices in Chennai today
Gold prices in Chennai also moved higher. The price of 24-carat gold was Rs 14,673 per gram, up by Rs 186. The rate for 22-carat gold stood at Rs 13,450 per gram, up by Rs 170, while 18-carat gold was priced at Rs 11,230 per gram, up by Rs 140.
Gold prices in Ahmedabad today
In Ahmedabad, 24-carat gold was trading at Rs 14,574 per gram, up by Rs 191. The price of 22-carat gold rose to Rs 13,360 per gram, up by Rs 175, while 18-carat gold was priced at Rs 10,932 per gram, up by Rs 143.
Gold prices in Bhubaneswar today
Gold prices in Bhubaneswar rose on Monday, with 24-carat gold at Rs 14,569 per gram, up by Rs 191. The rate for 22-carat gold was Rs 13,355 per gram, up by Rs 175, while 18-carat gold stood at Rs 10,927 per gram, up by Rs 143.
Gold prices in Hyderabad today
In Hyderabad, gold prices remained firm. The price of 24-carat gold stood at Rs 14,569 per gram, up by Rs 191. The rate for 22-carat gold was Rs 13,355 per gram, up by Rs 175, while 18-carat gold was priced at Rs 10,927 per gram, up by Rs 143.
Gold prices in Kolkata today
Gold prices in Kolkata also moved higher. The price of 24-carat gold was Rs 14,569 per gram, up by Rs 191. The rate for 22-carat gold stood at Rs 13,355 per gram, up by Rs 175, while 18-carat gold was priced at Rs 10,927 per gram, up by Rs 143.
Gold prices in Jaipur today
In Jaipur, 24-carat gold was priced at Rs 14,584 per gram, up by Rs 191. The price of 22-carat gold stood at Rs 13,370 per gram, up by Rs 175, while 18-carat gold was trading at Rs 10,942 per gram, up by Rs 143.
Gold prices in Lucknow today
Gold prices in Lucknow rose on Monday, with 24-carat gold at Rs 14,584 per gram, up by Rs 191. The rate for 22-carat gold was Rs 13,370 per gram, up by Rs 175, while 18-carat gold was priced at Rs 10,942 per gram, up by Rs 143.
Gold prices in Bengaluru today
In Bengaluru, gold prices were higher, with 24-carat gold trading at Rs 14,569 per gram, up by Rs 191. The price of 22-carat gold stood at Rs 13,355 per gram, up by Rs 175, while 18-carat gold was priced at Rs 10,927 per gram, up by Rs 143.
Gold prices in Patna today
Gold prices in Patna also edged higher. The price of 24-carat gold stood at Rs 14,574 per gram, up by Rs 191. The rate for 22-carat gold was Rs 13,360 per gram, up by Rs 175, while 18-carat gold was priced at Rs 10,932 per gram, up by Rs 143.
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