Price increases didn’t stop consumers from stocking up on skincare products, makeup and other items at Ulta Beauty during the fourth quarter.
In a performance that reflected the resilience of the beauty category, the nation’s largest beauty retailer easily topped Wall Street estimates for its fourth quarter. Strong holiday sales helped Ulta surpass the $10bn mark in annual revenue for the first time in its 33-year history.
On the company’s earnings call, CEO Dave Kimbell said Ulta plans to open 25 to 30 new stores and remodel or relocate 20 to 30 locations in 2023. Ulta’s long-term outlook remains 1,500 to 1,700 stores and 800 in-store shops at Target.
“As we expand our physical footprint, we will also accelerate growth across digital platforms, supported by the completed transition of our digital store to a modern technology and architecture, as well as the expansion of our buy anywhere, fill anywhere capabilities,” Kimbell told analysts. “Our partnership with Target will continue to expand as we support additional Ulta Beauty at Target shops, evolve the assortment, and leverage our dedicated field team to deliver elevated guest experiences.”
