NEW YORK (TheStreet) -- ULTASalon, Cosmetics & Fragrance (ULTA) - Get Report shares are soaring 9.01% to $232.94 in Friday's pre-market trading session after the beauty products retailer reported strong 2016 first quarter results and issued a positive outlook for the year. 

After the market close yesterday, the Bolingbrook, IL-based company posted earnings of $1.45 a share, exceeding Wall Street's projections of $1.29 a share. A year ago, the company earned $1.04 a share.

Revenue surged 23.7% to $1.07 billion beating forecasts of $1.03 billion. 

In the recent quarter, comparable sales increased 15.2%, higher than the company's expected growth of 9% to 11%. 

Overall, ULTA Salon, which sells a line of Kardashian beauty products, saw healthy consumer demand in its beauty category.

Looking ahead, profit is projected to go up around 20% to 25% in 2016, and comparable sales are also estimated to rise 10% to 12%, the company noted.

Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A-.

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 expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

You can view the full analysis from the report here: ULTA

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