Same-store sales increased 2.9%, beating the 0.2% bump Wall Street was anticipating. An increase in average ticket and the number of transactions helped drive same-store-sales growth, Ulta said.

The CEO said customers are willing to give up spending on other products so they can keep buying makeup and skincare products.

Key Takeaways Ulta Beauty exceeded earnings and revenue estimates as consumers look to beauty products as a "comfort and escape."Comparable store sales growth of 2.9% was much higher than expected.Ulta Beauty also raised its full-year guidance.