Ulta Beauty Inc's shares dropped despite reporting a beat-and-raise quarter. Analysts from Telsey Advisory, Oppenheimer, and William Blair maintained an Outperform rating on the stock. The company's Q2 earnings were ahead of consensus estimates, driven by stronger topline growth and better-than-expected operating deleverage. However, gross margins were impacted by lower merchandise margins, higher inventory shrink, and higher supply chain costs. The company raised their full-year sales guidance by roughly 0.5% and EPS expectations by 1%.