Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Sally Beauty Holdings (NYSE: SBH) are looking a lot prettier this morning, rising as much as 18% after the company reported strong first-quarter results before the bell today.

So what: The international retailer and supplier of beauty products whisked past quarterly consensus earnings estimates which called for $0.19 on revenue of $770.6 million. Sally Beauty instead reported a profit of $0.22 on revenue of $793.6 million. The company attributed the earnings beat to solid organic growth, strong store expansion, increased gross margins, and healthy same-store sales increases.

Now what: From a bull's perspective, there really isn't much to pick apart. The company reported an extremely bullish jump in same-store sales in the first quarter over last year -- 6.4% compared to 3.7% -- and noted a 70-basis-point jump in gross margins. More importantly, revenue growth came in at 13%, a surprise for a company many analysts have pegged to grow in the mid-single digits. Still, bulls need to keep their eyes open. Sally Beauty does carry $1.6 billion in debt and saw a marked rise in inventory levels this quarter, which it did attribute to having more stores. This isn't something worth worrying about yet, but these are figures bear watching.

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