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NEW YORK (TheStreet) -- Ulta Salon (ULTA) - Get Ulta Beauty Inc Report shares are up 3% to $129.52 in market trading on Friday after the beauty retailer released its third quarter earnings results and announced its current quarter guidance after yesterday's closing bell.

The company reported a third quarter profit of 91 cents per diluted share that beat analysts' EPS expectations of 84 cents per diluted share by 7 cents. Ulta also generated revenue of $745.7 million that was ahead of analysts' $732.4 million expectations for the period.

Ulta said that it expects to see revenue between $997 million and $1.01 billion for the current quarter ending in January. Analysts are expecting the company to report revenue of $1.01 billion.

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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, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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