Ulta, which went public in October, said profit for the quarter ended Nov. 3 rose to $4.2 million, or 5 cents per share, from $3.6 million, or break-even per share, in the year-ago quarter. Excluding preferred stock dividends and the effects of preferred shares, net income was 8 cents per share.

Revenue rose 25 percent to $208.2 million from $166.1 million last year.

Same-store sales rose 6.7 percent. Same-store sales, or sales at stores open at least 14 months in Ulta's case, is a key indicator of retailer performance, since it measures growth at existing stores rather than newly opened ones.

The company said results were driven by higher traffic and higher average ticket per customer.

However, the company said it launched its Web site on Nov. 16, later than originally planned, which "modestly" hurt sales for the quarter.

Selling, general and administrative expenses in the third-quarter rose 36 percent to $55.6 million, due to higher advertising expenses, offset by higher vendor advertising allowances.

Inventory rose 40 percent, due partly to opening 49 new stores since the end of the year-ago quarter, as well as a calendar shift that added $15 million of seasonal inventory since the quarter ended closer to Christmas than a year ago.

Ulta sells cosmetics, fragrance, haircare, skincare and salon styling tools in its stores, in addition to offering full-service salon services.

Shares fell $5.60, or 20.4 percent, to $21.90. Shares earlier hit a low of $19.35. The stock previously traded between $22.85 and $35.63 since its initial public offering on Oct. 25.