Ulta Beauty Inc. on May 30 raised its fiscal full-year 2019 EPS outlook after reporting first-quarter results that exceeded analysts' expectations.

The beauty products retailer now expects diluted EPS for the year to be in the range of $12.83 to $13.03, compared to its previous outlook range of $12.65 to $12.85. The raised guidance includes the impact of approximately $700 million in share repurchases and assumes a 24% effective tax rate.

Illinois-based Ulta Beauty continues to expect diluted EPS growth to be slightly weighted to the second half of the year.

For the first quarter ended May 4, the company's diluted EPS came in at $3.26, up 20.7% year over year and well ahead of the S&P Global Market Intelligence mean consensus estimate for normalized EPS of $3.07.

Net income rose 16.9% year over year to $192.2 million, while net sales for the three-month period also grew 12.9% to $1.74 billion, compared to $1.54 billion in the same quarter last year.

Ulta Beauty said it opened 22 stores during the first quarter, bringing its total number of stores at the end of the period to 1,196.