While executives tried to put a damper on the excitement heading into the second quarter, Ulta Beauty blew away analysts’ expectations for the first quarter ended May 5. Year-over-year net sales grew by 17.4% to more than $1.5 billion.

Same store sales grew by a healthy 8.1%, but there are signs that Ulta’s successful run is catching up with it at the store level. That 8.1% comp growth rate is the lowest Ulta has posted in more than two years. One answer to that challenge? More stores. Projections for fiscal 2018 include 100+ new store openings for the fourth consecutive year, according to Chain Store Guide’s Drug Stores & HBC Chains Database.