June 3 (Reuters) - Ulta Salon, Cosmetics & Fragrance Inc (ULTA.O) posted a higher-than-expected quarterly profit, helped by improved merchandise margins, and the company forecast strong second-quarter results.

Photo: www.ulta.com

The company posted first-quarter net income of $13.7 million, or 23 cents a share, compared with $4.9 million, or 8 cents a share, a year ago.

Net sales increased 19.1 percent to $320.2 million.

Analysts on average were expecting earnings of 19 cents a share, on revenue of $315.2 million, according to Thomson Reuters I/B/E/S.

Ulta Salon sees second-quarter adjusted profit between 19 cents and 21 cents a share, on net sales of $311 million to $317 million.

Analysts were expecting earnings of 15 cents a share on revenue of $308.1 million.

Shares of the Romeoville, Illinois-based company were at $24.35 after the bell. They closed at $23.90 Thursday 3 June on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Prem Udayabhanu)