* Q1 EPS $0.54 vs est $0.53
* Q1 sales rise 22.8 pct to $474.1 mln, vs est $473.9 mln
* Sees Q2 EPS $0.49-$0.51 vs est $0.48
* Sees Q2 sales $466 mln-$473 mln vs est $467.4 million
June 5 (Reuters) - Beauty products retailer Ulta Beauty posted first-quarter results that beat Wall Street estimates, boosted by strong sales and higher margins, and forecast a current quarter profit above analysts' estimates.
For the second quarter, the retailer, which has regularly beaten estimates for over two years, expects to earn 49 to 51 cents per share on revenue of $466 million to $473 million.
Analysts on average expect a profit of 48 cents per share on revenue of $467.4 million, according to Thomson Reuters I/B/E/S.
First-quarter net income rose to $34.9 million, or 54 cents per share, compared with $23.3 million, or 37 cents per share, a year earlier.
Revenue rose 22.8 percent to $474.1 million. Comparable store sales, or those in stores open at least a year, rose 10 percent.
Analysts had expected earnings of 53 cents per share on revenue of $473.9 million.
Gross margin expanded 110 basis points to 36 percent.
The Bolingbrook, Illinois-based company's shares rose 1 percent after the bell to $88.59. They had closed at $87.38 on Tuesday on the Nasdaq. (Reporting by Chris Jonathan Peters in Bangalore; Editing by Sreejiraj Eluvangal)