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NEW YORK (TheStreet) -- ULTA Salon Cosmetics & Fragrance (ULTA) shares are up by 1.36% to $158.39 in after-hours trading on Thursday, after the beauty retailer released its first quarter earnings results.

The Bolingbrook, IL-based company reported first quarter net income of $66.9 million, or $1.04 per diluted share, topping analysts' consensus expectations of 93 cents per share by 11 cents.

The company generated $868.1 million in revenue during the period, also ahead of analysts' consensus forecast of $844.9 million.

For the current quarter the company sees earnings between $1.07 and $1.12 per share on revenue between $854 million and $868 million. Analysts at Zacks expect the company to earn $1.08 per share on revenue of $855.5 million.

"The ULTA Beauty team delivered an excellent start to 2015, with better than expected sales and earnings growth in the first quarter. We achieved our best comparable sales growth since 2011, driven by strong traffic growth in both retail and e-commerce, market share gains across all categories, and continued successful execution of our marketing strategies," said CEO Mary Dillon

Separately, TheStreet Ratings team rates ULTA SALON COSMETCS & FRAG as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate ULTA SALON COSMETCS & FRAG (ULTA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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