NEW YORK (TheStreet) -- Shares of Ulta Salon Cosmetics & Fragrances (ULTA) - Get Report were surging 5.24% to $251.50 in pre-market trading on Thursday after the beauty supplies retailer raised its third-quarter and full-year outlook.

The company now expects to report third-quarter earnings between $1.35 and $1.38 per diluted share, up from earnings between $1.25 and $1.30 per diluted share. 

Same-store sales for the period will likely increase between 14% and 15%, up from past expectations of growth between 11% and 13%.

Analysts surveyed by FactSet are looking for adjusted earnings of $1.29 per share and same-store sales growth of 12.6%. 

For fiscal 2016, Ulta anticipates per-share earnings growth in the "mid-twenties" percentage range vs. past guidance of "low to mid-twenties" percentage range. The company posted earnings of $4.98 a share for fiscal 2015.

Ulta increased its same-store sales forecast to between 12% and 14% from 11% to 13% for the year.

FactSet analysts are modeling adjusted earnings of $6.23 a share and same-store sales growth of 13% for fiscal 2016. 

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Ulta's strengths such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and solid stock price performance outweigh the fact that the company shows weak operating cash flow.

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

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. 

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