(Bloomberg) — Ulta Beauty Inc.’s (ULTA) shares rose after fourth-quarter results topped Wall Street’s projections and the chain’s new chief executive officer said the company has almost no exposure to the brewing trade war.

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Profit last quarter was $8.46 a share, the company said Thursday after US markets closed, beating analysts’ average estimate of $7.12. Comparable sales also beat expectations.

The stock rose 7.6% at 9:46 a.m. in Friday trading in New York. The shares had fallen 28% this year through Thursday’s close.

President Donald Trump’s tariff threats have spooked investors with concerns about their impact on prices and sales. Ulta CEO Kecia Steelman, a longtime executive at the company who ascended to the top job in January, said only about 1% of the chain’s shipments were direct imports.

Still, like many retailers, the chain took what looks like a cautious approach to its guidance, according to analysts. Its forecast for sales and earnings were slightly below estimates.

The retailer’s outlook “seems conservative and leaves room to over deliver,” Morgan Stanley analyst Simeon Gutman wrote in a research note.

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