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What's happening?
Shares of beauty-products retailer Ulta Salon (NASDAQ:ULTA) have shot 20% higher this morning following the release of strong second-quarter earnings.

Why it's happening
Ulta's quarterly revenue of $734.2 million, and its earnings of $0.94 per share, both came in well ahead of Wall Street's expectations  for $711.4 million in revenue and $0.82 in EPS. The company's sales grew by 22.2% year-over year, led by a very impressive 54.9% rise in e-commerce sales and a combination of new stores (19 opened in the second quarter) and strong same-store sales, which were up 9.6% year-over-year.

The strong quarter gave Ulta management the impetus needed to boost its full-year guidance. Earlier estimates had called for growth in the mid-teen percentages range on both top and bottom lines, and today's guidance now expects year-over-year growth of 20% in revenue and EPS, which should result  in 2014 revenue of about $3.2 billion and adjusted EPS of $3.79, giving Ulta a projected P/E of 30.8 after today's pop.

Want to read more about Ulta's great quarter? Click here for a detailed earnings analysis.

Alex Planes has no position in any stocks mentioned. The Motley Fool recommends Ulta Salon, Cosmetics & Fragrance. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.