Shares of Ulta Beauty soared double-digits on Friday after the company posted a strong fiscal first quarter and raised its fiscal-year outlook in the face of macroeconomic uncertainty. A raft of positive commentary was also driving the stock higher as analysts posited that Ulta was becoming a beauty of a competitor in the industry.

Ulta Beauty (NASDAQ:ULTA) just wrapped its first quarter with a better-than-expected finish, pushing past Wall Street's forecasts with $2.85 billion in revenue and earnings of $6.70 per share. The earning results drove the share price up 11.

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.