March 11 (Reuters) - Ulta Salon, Cosmetics & Fragrance Inc (ULTA.O) posted a better-than-expected quarterly profit, helped by improved merchandise margins and tighter cost controls, and forecast first-quarter earnings above Wall Street view.

Ulta hair-care

The company said net income for the fourth quarter ended Jan.30 was $20.2 million, or 34 cents a share, compared with $12.3 million, or 21 cents a share, a year ago.

Revenue rose 16 percent to $396.4 million.

Analysts on average were expecting earnings 30 cents a share on revenue of $390 million, according to Thomson Reuters I/B/E/S.

Selling general and administrative expenses fell 15 percent to $89.8 million.

Ulta Salon sees first-quarter earnings between 14 cents and 16 cents a share and expects net sales of $301 million to $307 million.

Analysts were expecting earnings of 12 cents a share on revenue of $298.7 million.

Shares of the Romeoville, Illinois-based company rose 45 cents to $21.99 after the bell. They closed at $21.54 Thursday 11 March on Nasdaq. (Reporting by Shobhana Chadha in Bangalore; Editing by Maju Samuel)