Ulta Beauty Inc (ULTA)

Ulta Beauty Tops Expectations and Raises Earnings Outlook as Sales Momentum Continues (ULTA)June 3, 2026 7:03 AM
IH Market News Ulta Beauty (NASDAQ:ULTA) delivered stronger-than-expected first-quarter results, surpassing analyst forecasts on both earnings and revenue while lifting its full-year profit guidance. The upbeat performance helped support investor sentiment, with shares rising around 1% in premarket trading on Wednesday. The beauty retailer benefited from solid demand across its product categories and sales channels, alongside contributions from its recent acquisition of Space NK. Revenue and Earnings Beat Wall Street Forecasts For the first quarter, Ulta Beauty reported adjusted earnings of $7.74 per share, comfortably ahead of the consensus estimate of $6.87 per share. Revenue increased 11.1% year-over-year to $3.16 billion, exceeding analyst expectations of $3.11 billion and improving from $2.85 billion recorded in the same period last year. The results reflected continued consumer demand and effective execution across the company’s retail and digital operations. Comparable Sales Growth Driven by Higher Spending and Traffic Comparable sales rose 5.3% during the quarter, supported by gains in both customer spending and transaction volumes. Average ticket value increased 3.7%, while the number of transactions climbed 1.6%. Management said the growth was broad-based, spanning all major product categories and sales channels. The integration of Space NK also contributed to overall performance during the period. Profitability improved as gross margin expanded to 40.1%, compared with 39.1% a year earlier. The increase was primarily attributed to lower inventory shrink levels and stronger merchandise margins. Commenting on the results, President and Chief Executive Officer Kecia Steelman highlighted the company’s resilience despite broader economic uncertainty. “Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories,” said Kecia Steelman, president and chief executive officer. “Our results demonstrate the strengths of our model, focused execution of our talented associates, and the effectiveness of our strategy in an uncertain macroeconomic landscape.” Company Lifts Full-Year Profit Forecast Following the strong first-quarter performance, Ulta Beauty raised its adjusted earnings guidance for fiscal 2026. The company now expects adjusted earnings per share of between $28.36 and $28.80, compared with its previous forecast range of $28.05 to $28.55. The midpoint of the updated outlook matches the current analyst consensus estimate of $28.58 per share. Management maintained its expectations for net sales growth of 6% to 7% and comparable sales growth of 2.5% to 3.5%. The company also modestly increased its operating income growth forecast to a range of 6.5% to 9%, up from its prior outlook of 6% to 9%. Analysts See Progress but Remain Divided Following the results, Bank of America analysts pointed to improvements in several key areas that investors have been monitoring closely. “The most important takeaway from 1Q was progress on the key debates: consistent sales, cost discipline, and profitable growth,” analyst Lorraine Hutchinson said in a note. The firm maintained a positive stance on the stock. “We reiterate our Buy rating and expect ULTA’s multiple to expand as it builds on 1Q and continues to deliver against its F26 plan,” he added. Morgan Stanley adopted a more cautious view, suggesting that the stronger-than-expected quarter was not fully reflected in the company’s updated guidance. The brokerage argued that “limited guidance flow-through from the ~85c EPS beat and tougher Q2-Q4 compares raise questions around the extent of 2H earnings delivery.” Analysts added: “As a result, early upside case less compelling after today.” Share Repurchases Continue to Support Shareholders Ulta Beauty continued returning capital to shareholders during the quarter through its ongoing buyback program. The company repurchased 958,323 shares for a total of $555.0 million. Following those purchases, approximately $1.3 billion remains available under the $3.0 billion share repurchase authorization announced in October 2024. More About Ulta Beauty Ulta Beauty is one of the largest beauty retailers in the United States, offering cosmetics, skincare, fragrance, haircare and salon services through a nationwide store network and digital platforms. The company combines prestige and mass-market beauty brands under one retail model and continues to expand its omnichannel presence through strategic acquisitions and customer loyalty initiatives. Ulta Beauty stock price Original: Ulta Beauty Tops Expectations and Raises Earnings Outlook as Sales Momentum Continues (ULTA)

Ulta Beauty Announces First Quarter Fiscal 2026 Results and Updates Fiscal 2026 GuidanceJune 2, 2026 4:05 PM
Business Wire Net sales increased 11.1% Comparable sales increased 5.3% Operating income increased 11.6% to $448.3 million Diluted EPS increased 15.5% to $7.74 Returned $555.0 million of capital to shareholders through share repurchases Ulta Beauty, Inc. (NASDAQ: ULTA) today announced consolidated financial results for the thirteen-week period (“first quarter”) ended May 2, 2026, compared to the same period ended May 3, 2025:     13 Weeks Ended     May 2,   May 3, (Dollars in millions, except per share data) 2026   2025 Net sales   $ 3,163.9   $ 2,848.4 Comparable sales     5.3%     2.9% Gross profit (as a percentage of net sales)     40.1%     39.1% Selling, general and administrative expenses   $ 814.7   $ 710.6 Operating income growth     11.6%     0.2% Diluted earnings per share   $ 7.74   $ 6.70 “Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories. Our results demonstrate the strengths of our model, focused execution of our talented associates, and the effectiveness of our strategy in an uncertain macroeconomic landscape. I am particularly proud of our teams’ commitment to delighting our guests while also advancing our longer-term strategic initiatives with discipline,” said Kecia Steelman, president and chief executive officer. “Looking ahead, we remain focused on delivering long-term shareholder value through our strategic growth initiatives, continued prudent cost management, and our differentiated guest experience.” First Quarter of Fiscal 2026 Compared to First Quarter of Fiscal 2025 Net sales increased 11.1% to $3.2 billion, primarily due to increased comparable sales, the acquisition of Space NK, and sales from new stores. Comparable sales increased 5.3%, driven by a 3.7% increase in average ticket and a 1.6% increase in transactions. Gross profit increased 13.8% to $1.3 billion. As a percentage of net sales, gross profit increased to 40.1% compared to 39.1%, primarily due to lower inventory shrink and higher merchandise margin. Selling, general and administrative (“SG&A”) expenses increased 14.6% to $814.7 million, primarily due to the acquisition of Space NK. As a percentage of net sales, SG&A expenses increased to 25.8% compared to 24.9%, primarily due to deleverage of corporate overhead due to strategic enterprise investments and store expenses, partially offset by leverage of advertising expenses. Operating income increased 11.6% to $448.3 million, or 14.2% of net sales. Diluted earnings per share increased 15.5% to $7.74. Balance Sheet and Capital Deployment Cash and cash equivalents at the end of the first quarter of fiscal 2026 were $166.3 million. Short-term investments at the end of the first quarter of fiscal 2026 were $55.0 million. Short-term debt at the end of the first quarter of fiscal 2026 was $144.9 million. Merchandise inventories, net at the end of first quarter of fiscal 2026 increased 12.5% to $2.4 billion. The increase was primarily due to inventory to support new brand launches, the acquisition of Space NK, strategic investments in key categories, and 70 net new Ulta Beauty stores since May 3, 2025. During the first quarter of fiscal 2026, the Company invested $58.3 million in capital expenditures, primarily driven by investments in new and existing stores. During the first quarter of fiscal 2026, the Company repurchased 958,323 shares of its common stock at a cost of $555.0 million. As of May 2, 2026, $1.3 billion remained available under the $3.0 billion share repurchase program announced in October 2024. Fiscal 2026 Outlook Based on current estimates, the Company has updated its outlook for fiscal 2026.   Initial Fiscal 2026 Outlook   Updated Fiscal 2026 Outlook Net sales growth     6% to 7%   no change Comparable sales growth     2.5% to 3.5%   no change Operating income growth     6% to 9%   6.5% to 9% Diluted earnings per share     $28.05 to $28.55   $28.36 to $28.80 Capital expenditures     $400 million to $450 million   no change Conference Call Information A conference call to discuss first quarter of fiscal 2026 results is scheduled for today, June 2, 2026, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time. During the conference call, a related presentation will be webcast live. Investors and analysts who are interested in participating in the call are invited to register for the live event at https://q1-2026-ulta-beauty-earnings-conference-call.open-exchange.net/. A copy of the presentation and a replay of the webcast will be available and archived for a limited time on the company's Investor Relations website at https://www.ulta.com/investor. About Ulta Beauty Ulta Beauty (NASDAQ: ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, fragrance, skin care, hair care, wellness, and salon services. Since opening its first store in 1990, Ulta Beauty has grown to more than 1,500 stores across the U.S. and redefined beauty retail by bringing together All Things Beauty. All in One Place®. With an expansive product assortment, professional salon services, and its beloved Ulta Beauty Rewards loyalty program, the company delivers seamless, personalized experiences across stores, Ulta.com, and the Ulta Beauty App – where the possibilities are truly beautiful. Ulta Beauty is also expanding its presence internationally through its subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. For more information, visit www.ulta.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to, among other things, future events and financial performance. These forward-looking statements are included throughout this press release, and relate to matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity, and capital resources and other financial and operating information. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies,” or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on current plans, estimates, and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, targets, strategies, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to those described under Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended January 31, 2026, as such risk factors may be updated from time to time in our periodic filings with the U.S. Securities and Exchange Commission (“SEC”), and are accessible on the SEC's website at www.sec.gov. Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make. Except to the extent required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Exhibit 1 Ulta Beauty, Inc. Consolidated Statements of Income (In thousands, except per share data)                           13 Weeks Ended     May 2,   May 3,     2026   2025     (Unaudited)   (Unaudited) Net sales   $ 3,163,857     100.0 %   $ 2,848,367     100.0 % Cost of sales     1,896,237     59.9 %     1,734,148     60.9 % Gross profit     1,267,620     40.1 %     1,114,219     39.1 %                       Selling, general and administrative expenses     814,699     25.8 %     710,613     24.9 % Pre-opening expenses     4,665     0.1 %     1,829     0.1 % Operating income     448,256     14.2 %     401,777     14.1 % Interest income, net     (652 )   (0.0 %)     (3,547 )   (0.1 %) Income before income taxes and equity net loss of affiliate     448,908     14.2 %     405,324     14.2 % Income tax expense     106,860     3.4 %     99,644     3.5 % Income before equity net loss of affiliate     342,048     10.8 %     305,680     10.7 % Equity net loss of affiliate     1,579     0.0 %     628     0.0 % Net income   $ 340,469     10.8 %   $ 305,052     10.7 %                       Net income per common share:                     Basic   $ 7.78         $ 6.72       Diluted   $ 7.74         $ 6.70                             Weighted average common shares outstanding:                     Basic     43,781           45,362       Diluted     43,964           45,508       Exhibit 2 Ulta Beauty, Inc. Condensed Consolidated Balance Sheets (In thousands)                         May 2,   January 31,   May 3,     2026   2026   2025     (Unaudited)         (Unaudited) Assets                   Current assets:                   Cash and cash equivalents   $ 166,300   $ 424,243   $ 454,629 Short-term investments     55,000     70,000     — Receivables, net     248,240     296,217     225,146 Merchandise inventories, net     2,386,417     2,181,127     2,121,519 Prepaid expenses and other current assets     165,647     169,361     138,396 Prepaid income taxes     —     3,198     — Total current assets     3,021,604     3,144,146     2,939,690                     Property and equipment, net     1,420,091     1,434,062     1,251,287 Operating lease assets     1,849,896     1,813,074     1,658,834 Goodwill     224,628     226,421     10,870 Other intangible assets, net     201,596     203,288     — Deferred compensation plan assets     52,606     53,391     47,467 Other long-term assets     124,824     124,912     78,541 Total assets   $ 6,895,245   $ 6,999,294   $ 5,986,689                     Liabilities and stockholders’ equity                   Current liabilities:                   Accounts payable   $ 713,775   $ 685,887   $ 537,518 Accrued liabilities     462,065     551,380     346,960 Deferred revenue     541,199     582,378     462,843 Current operating lease liabilities     309,576     306,671     285,764 Accrued income taxes     132,565     35,739     130,765 Short-term debt     144,899     62,287     — Total current liabilities     2,304,079     2,224,342     1,763,850                     Non-current operating lease liabilities     1,847,968     1,813,103     1,689,439 Deferred income taxes     101,220     98,766     46,013 Other long-term liabilities     61,023     59,632     57,084 Total liabilities     4,314,290     4,195,843     3,556,386                     Commitments and contingencies                                       Total stockholders’ equity     2,580,955     2,803,451     2,430,303 Total liabilities and stockholders’ equity   $ 6,895,245   $ 6,999,294   $ 5,986,689 Exhibit 3   Ulta Beauty, Inc. Consolidated Statements of Cash Flows (In thousands)                   13 Weeks Ended     May 2,   May 3,     2026   2025     (Unaudited)   (Unaudited) Operating activities             Net income   $ 340,469     $ 305,052   Adjustments to reconcile net income to net cash provided by operating activities:             Depreciation and amortization     81,399       72,033   Non-cash lease expense     91,285       91,105   Deferred income taxes     2,939       3,420   Stock-based compensation expense     10,490       11,418   Loss on disposal of property and equipment     4,682       892   Equity net loss of affiliate     1,579       628   Change in operating assets and liabilities:             Receivables     47,959       (1,812 ) Merchandise inventories     (206,014 )     (153,305 ) Prepaid expenses and other current assets     3,596       (9,283 ) Income taxes     100,013       88,934   Accounts payable     21,757       (24,920 ) Accrued liabilities     (112,354 )     (32,716 ) Deferred revenue     (41,097 )     (37,742 ) Operating lease liabilities     (90,459 )     (88,100 ) Other assets and liabilities     5,650       (5,583 ) Net cash provided by operating activities     261,894       220,021                 Investing activities             Proceeds from short-term investments     15,000       —   Capital expenditures     (58,276 )     (79,031 ) Other investments     (4,949 )     (7,346 ) Net cash used in investing activities     (48,225 )     (86,377 )               Financing activities             Borrowings from short-term debt     115,580       —   Payments on short-term debt     (32,252 )     —   Repurchase of common shares     (545,304 )     (369,786 ) Stock options exercised     1,354       481   Purchase of treasury shares     (10,799 )     (12,911 ) Net cash used in financing activities     (471,421 )     (382,216 )               Effect of exchange rate changes on cash and cash equivalents     (191 )     —   Net decrease in cash and cash equivalents     (257,943 )     (248,572 ) Cash and cash equivalents at beginning of period     424,243       703,201   Cash and cash equivalents at end of period   $ 166,300     $ 454,629   Exhibit 4   Ulta Beauty, Inc. Store Update (Company-Operated)   The following table presents store activities during the first quarter of fiscal 2026:       United States   International (Company-operated) Opened   18   1 Closed   2   — Net   16   1           Relocated   1   1 The following table presents the number of stores as of May 2, 2026:                 United States   International (Company-operated) Number of stores   1,521   87 Exhibit 5   Ulta Beauty, Inc. Sales by Category   The following table sets forth the approximate percentage of net sales by primary category:               13 Weeks Ended     May 2,   May 3,   2026   2025 Cosmetics   40 %   40 % Skincare and wellness   24 %   25 % Haircare   18 %   18 % Fragrance   12 %   11 % Services   4 %   4 % Other   2 %   2 %     100 %   100 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260602303814/en/ Investor Contact:
Kiley Rawlins, CFA
Senior Vice President, Investor Relations
krawlins@ulta.com Media Contact:
Natalie Navarre
Vice President, Public Relations & Social Marketing
nnavarre@ulta.com Original: Ulta Beauty Announces First Quarter Fiscal 2026 Results and Updates Fiscal 2026 Guidance

Ulta Beauty to Report First Quarter Fiscal 2026 Results and Participate in an Upcoming Investor ConferenceMay 19, 2026 4:05 PM
Business Wire Ulta Beauty, Inc. (NASDAQ: ULTA) today announced that it plans to release financial results for the first quarter of fiscal year 2026 on Tuesday, June 2, 2026, after the market closes. The Company will host a webcast and conference call at 4:30 p.m. EDT / 3:30 p.m. CDT to discuss the financial results. Information about Ulta Beauty’s financial results, including a link to the live webcast, will be available on the Company's Investor Relations website at https://www.ulta.com/investor. There will also be an archived webcast available for a limited time thereafter. Please register for the live event at https://q1-2026-ulta-beauty-earnings-conference-call.open-exchange.net/registration. Additionally, Kecia Steelman, president and chief executive officer, and Chris DelOrefice, chief financial officer, will participate in a Fireside Chat at the William Blair 46th Annual Growth Stock Conference on Thursday, June 4, 2026 at 12:20 p.m. EDT / 11:20 a.m. CDT. The Fireside Chat will be webcast live at https://www.ulta.com/investor, and a replay of the webcast will be available for a limited time. About Ulta Beauty Ulta Beauty (NASDAQ: ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, fragrance, skin care, hair care, wellness and salon services. Since opening its first store in 1990, Ulta Beauty has grown to more than 1,500 stores across the U.S. and redefined beauty retail by bringing together All Things Beauty. All in One Place®. With an expansive product assortment, professional salon services, and its beloved Ulta Beauty Rewards loyalty program, the company delivers seamless, personalized experiences across stores, Ulta.com and the Ulta Beauty App – where the possibilities are truly beautiful. Ulta Beauty is also expanding its presence internationally through its subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. For more information, visit www.ulta.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519542046/en/ Ulta Beauty Contacts:
Kiley Rawlins, CFA
Senior Vice President, Investor Relations
krawlins@ulta.com Natalie Navarre
Vice President, Public Relations & Social Marketing
PR@ulta.com Original: Ulta Beauty to Report First Quarter Fiscal 2026 Results and Participate in an Upcoming Investor Conference

Ulta Beauty to Participate in Upcoming Investor ConferenceMarch 31, 2026 4:05 PM
Business Wire
Ulta Beauty, Inc. (NASDAQ: ULTA) today announced that Kecia Steelman, president and chief executive officer, and Chris DelOrefice, chief financial officer, will participate in a Fireside Chat at J.P. Morgan’s Retail Round Up Conference on Wednesday, April 8, 2026, at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time.


The Fireside Chat will be webcast live at https://www.ulta.com/investor, and a replay of the webcast will be available for a limited time.


About Ulta Beauty


Ulta Beauty (NASDAQ: ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, fragrance, skin care, hair care, wellness and salon services. Since opening its first store in 1990, Ulta Beauty has grown to more than 1,500 stores across the U.S. and redefined beauty retail by bringing together All Things Beauty. All in One Place®. With an expansive product assortment, professional salon services, and its beloved Ulta Beauty Rewards loyalty program, the company delivers seamless, personalized experiences across stores, Ulta.com and the Ulta Beauty App – where the possibilities are truly beautiful. Ulta Beauty is also expanding its presence internationally through its subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. For more information, visit www.ulta.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330811271/en/
Ulta Beauty Contacts:

Kiley Rawlins, CFA

Senior Vice President, Investor Relations

krawlins@ulta.com


Natalie Navarre

Vice President, Public Relations & Social Marketing

PR@ulta.com


Original: Ulta Beauty to Participate in Upcoming Investor Conference

Ulta Beauty slides after cautious outlook despite strong quarterly results; analyst calls pullback a buying chanceMarch 13, 2026 7:16 AM
IH Market News
Ulta Beauty (NASDAQ:ULTA) shares dropped more than 8% in premarket trading Friday after the cosmetics retailer issued a fiscal outlook that came in slightly below expectations, even as it reported fourth-quarter results that beat Wall Street forecasts.The company said it expects fiscal 2027 earnings of $28.05 to $28.55 per share, compared with analyst projections of $28.57. Ulta also projected net sales growth of 6% to 7% and earnings growth of roughly 9.4% to 11.4%.Comparable sales are expected to rise 2.5% to 3.5%, according to the company’s guidance.Raymond James analyst Olivia Tong said the outlook “captured consensus expectations, though we believe buyside expectations were higher, and when combined with elevated spend this quarter, drove in our view the after-market decline in shares.”“Should shares trade lower, we view this as a buying opportunity and reiterate our Strong Buy rating, reflecting improving sales and ability to recapture margin,” she added.



Fourth-quarter results beat expectations



For the fourth quarter, Ulta reported earnings of $8.01 per share, exceeding analyst estimates of $7.93 per share. Revenue reached $3.9 billion, topping expectations of $3.81 billion.Comparable sales increased 5.8% during the quarter, supported by a 4.2% increase in average ticket size and a 1.6% rise in transaction volumes.Net sales rose 11.8% year over year, driven by stronger comparable sales, the acquisition of Space NK, and contributions from newly opened stores.Morgan Stanley analyst Simeon Gutman said near-term upside for Ulta “depends on ULTA’s ability to consistently sustain comp outperformance and provide clearer visibility on disciplined cost management to drive further profitability.”



Margins face some pressure despite higher revenue



Ulta’s gross profit increased 11.2% to $1.5 billion, although the gross margin edged slightly lower to 38.1% of sales from 38.2% a year earlier.The company said the modest margin decline was mainly due to an unfavorable sales mix and higher store-related expenses, partly offset by lower inventory shrink and improved supply chain efficiency.Meanwhile, selling, general and administrative expenses climbed 23% to $1 billion, reflecting higher corporate overhead tied to strategic investments, increased marketing spending and higher incentive compensation.Ulta Beauty stock price

Original: Ulta Beauty slides after cautious outlook despite strong quarterly results; analyst calls pullback a buying chance

Ulta Beauty Announces Fourth Quarter and Fiscal 2025 Results and Provides Fiscal 2026 GuidanceMarch 12, 2026 4:05 PM
Business Wire

Net sales increased 11.8% and 9.7% for the fourth quarter and fiscal year, respectively



Comparable sales increased 5.8% and 5.4% for the fourth quarter and fiscal year, respectively



Diluted EPS was $8.01 and $25.64 for the fourth quarter and fiscal year, respectively



Returned $890.5 million of capital to shareholders through planned share repurchases for the fiscal year



Provided fiscal 2026 guidance for net sales growth of 6.0% to 7.0% and diluted EPS growth of 9.4% to 11.4%



Ulta Beauty, Inc. (NASDAQ: ULTA) today announced consolidated financial results for the thirteen-week period (“fourth quarter”) and fifty-two-week period (“fiscal year”) ended January 31, 2026, compared to the same periods ended February 1, 2025, respectively.


“The Ulta Beauty team closed the year with momentum, delivering strong fourth quarter and full-year sales and continued market share gains. Our better-than-planned financial performance reflects our continued focus on serving our guests and consistently delivering great experiences through better execution, compelling newness, more seamless and convenient experiences, and bold new merchandising and marketing strategies,” said Kecia Steelman, president and chief executive officer. “I am proud of how our team is embracing and executing our Ulta Beauty Unleashed strategy. Looking ahead, we are well positioned for sustainable, profitable growth in 2026 and beyond and are excited to build on our successes to extend our position as the unmatched beauty and wellness destination for all guests across all ages and life stages.”




 






 






13 Weeks Ended






 






Fiscal Year Ended








 






 






January 31,






 






February 1,






 






January 31,






 






February 1,








(Dollars in millions, except per share data)







2026






 






2025






 






2026






 






2025








Net sales






 






$






3,898.4






 






$






3,487.6






 






$






12,392.8






 






$






11,295.7








Comparable sales






 






 






5.8%






 






 






1.5%






 






 






5.4%






 






 






0.7%








Gross profit (as a percentage of net sales)






 






 






38.1%






 






 






38.2%






 






 






39.1%






 






 






38.8%








Selling, general and administrative expenses






 






$






1,003.1






 






$






815.6






 






$






3,296.4






 






$






2,808.6








Operating income (as a percentage of net sales)






 






 






12.2%






 






 






14.8%






 






 






12.4%






 






 






13.9%








Diluted earnings per share






 






$






8.01






 






$






8.46






 






$






25.64






 






$






25.34







Fourth Quarter of Fiscal 2025 Compared to Fourth Quarter of Fiscal 2024



Net sales increased 11.8% to $3.9 billion, primarily due to increased comparable sales, the acquisition of Space NK, and sales from new stores.



Comparable sales increased 5.8%, driven by a 4.2% increase in average ticket and a 1.6% increase in transactions.



Gross profit increased 11.2% to $1.5 billion. As a percentage of net sales, gross profit decreased to 38.1% compared to 38.2%, primarily due to unfavorable channel mix, deleverage of store fixed expenses, and deleverage of other revenue, mostly offset by lower inventory shrink and supply chain efficiencies.



Selling, general and administrative (SG&A) expenses increased 23.0% to $1.0 billion. As a percentage of net sales, SG&A expenses increased to 25.7% compared to 23.4%, primarily due to higher corporate overhead due to strategic enterprise investments, higher advertising expenses, and higher incentive compensation.



Operating income was $476.9 million, or 12.2% of net sales.



Diluted earnings per share was $8.01.



Full Year of Fiscal 2025 Compared to Full Year of Fiscal 2024



Net sales increased 9.7% to $12.4 billion, primarily due to increased comparable sales, the acquisition of Space NK, and sales from new stores.



Comparable sales increased 5.4%, driven by a 3.3% increase in average ticket and a 2.0% increase in transactions.



Gross profit increased 10.4% to $4.8 billion. As a percentage of net sales, gross profit increased to 39.1% compared to 38.8%, primarily due to lower inventory shrink and higher merchandise margin, partially offset by adverse channel mix, deleverage of other revenue, and deleverage of store fixed expenses.



SG&A expenses increased 17.4% to $3.3 billion. As a percentage of net sales, SG&A expenses increased to 26.6% compared to 24.9%, primarily due to higher incentive compensation, higher store payroll and benefits, and higher corporate overhead due to strategic enterprise investments.



Operating income was $1.5 billion, or 12.4% of net sales.



Diluted earnings per share increased 1.2% to $25.64.



Balance Sheet and Capital Deployment


Cash and cash equivalents at the end of fiscal 2025 were $424.2 million. Short-term investments at the end of fiscal 2025 were $70.0 million. Short-term debt at the end of fiscal 2025 was $62.3 million.


Merchandise inventories, net at the end of fiscal 2025 increased 10.8% to $2.2 billion. The increase was primarily due to inventory to support new brand launches, the acquisition of Space NK, and 60 net new Ulta Beauty stores.


During fiscal 2025, the Company invested $434.8 million in capital expenditures to support new stores, relocations, and remodels, investments in information technology systems, and supply chain optimization.


During fiscal 2025, the Company repurchased 2.0 million shares of its common stock at a cost of $890.5 million, excluding excise taxes. As of January 31, 2026, $1.8 billion remained available under the $3.0 billion share repurchase program announced in October 2024.


Fiscal 2026 Outlook


Based on current estimates, the Company anticipates the following in fiscal 2026:




 






 






 










Fiscal 2026 Outlook








Net sales growth






 






6% to 7%








Comparable sales growth






 






2.5% to 3.5%








Operating income growth






 






6% to 9%








Diluted earnings per share






 






$28.05 to $28.55








Capital expenditures






 






$400 million to $450 million







Conference Call Information


A conference call to discuss fourth quarter of fiscal 2025 results is scheduled for today, March 12, 2026, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time. During the conference call, a related presentation will be webcast live. Investors and analysts who are interested in participating in the call are invited to register for the live event at https://q4-2025-ulta-beauty-earnings-conference-call.open-exchange.net/.


A copy of the presentation and a replay of the webcast will be available and archived for a limited time on the company's Investor Relations website at https://www.ulta.com/investor.


About Ulta Beauty


Ulta Beauty (NASDAQ: ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, fragrance, skin care, hair care, wellness and salon services. Since opening its first store in 1990, Ulta Beauty has grown to more than 1,500 stores across the U.S. and redefined beauty retail by bringing together All Things Beauty. All in One Place®. With an expansive product assortment, professional salon services, and its beloved Ulta Beauty Rewards loyalty program, the company delivers seamless, personalized experiences across stores, Ulta.com and the Ulta Beauty App – where the possibilities are truly beautiful. Ulta Beauty is also expanding its presence internationally through its subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. For more information, visit www.ulta.com.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect the Company’s current views with respect to, among other things, future events and financial performance. These statements can be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies” or other comparable words. Any forward-looking statements contained in this press release are based upon the Company’s historical performance and on current plans, estimates, and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates, targets, strategies, or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation:



macroeconomic conditions, including inflation and elevated interest rates, as well as prior and/or future labor, transportation, and shipping cost pressures (including future uncertain impacts);



changes in the overall level of consumer spending and volatility in the economy, including as a result of macroeconomic conditions, tariffs, and geopolitical events;



our ability to sustain our growth plans and successfully implement our long-range strategic and financial plans;



the possibility that we may be unable to compete effectively in our highly competitive markets;



the ability to execute our operational excellence priorities, including continuous improvement and supply chain optimization;



our ability to gauge beauty trends and react to changing consumer preferences in a timely manner;



our ability to successfully deploy artificial intelligence (“AI”) and other emerging technologies, or our failure to utilize such technologies in an effective, ethical, and legal manner;



the possibility of significant interruptions in the operations of our distribution centers, fast fulfillment center, and market fulfillment centers;



the possibility that cybersecurity or information security breaches and other disruptions could compromise our information or result in the unauthorized disclosure of confidential information;



the possibility of material disruptions to our information systems, including our Ulta.com website and mobile applications;



the possibility that we will not realize the anticipated benefits of the acquisition of Space NK for any reason, including due to challenges with integration and/or achieving anticipated acquisition synergies;



the failure to maintain satisfactory compliance with applicable privacy and data protection laws and regulations, including as a result of our international expansion;



changes in the good relationships we have with our brand partners, our ability to continue to obtain sufficient merchandise from our brand partners, and/or our ability to continue to offer permanent or temporary exclusive products of our brand partners;



our ability to effectively manage our inventory and protect against inventory shrink;



changes in the wholesale cost of our products and/or interruptions at our brand partners’ or third-party vendors’ operations;



our ability to execute our international expansion plans and navigate the market, operational, regulatory, and compliance risks that could accompany international growth;



epidemics, pandemics or natural disasters, which could negatively impact sales;



the possibility that new store openings and/or existing locations could be impacted by developer or co-tenant issues or other factors outside of our control;



our ability to attract and retain key executive personnel;



the impact of climate change on our business operations and/or supply chain;



a decline in operating results which could lead to asset impairment and store closure charges; and



other risk factors detailed in the Company’s public filings with the Securities and Exchange Commission (the “SEC”), including risk factors contained in its Annual Report on Form 10-K for the fiscal year ended February 1, 2025, as such may be amended or supplemented in its subsequently filed Quarterly Reports on Form 10-Q.



The Company’s filings with the SEC are available at www.sec.gov. Except to the extent required by the federal securities laws, the Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.




Exhibit 1








Ulta Beauty, Inc.




Consolidated Statements of Income




(In thousands, except per share data)








 






 






 






 






 






 






 






 






 






 






 








 






 






13 Weeks Ended








 






 






January 31,






 






February 1,








 






 






2026






 






2025








 






 






(Unaudited)






 






(Unaudited)








Net sales






 






$






3,898,361







 






100.0






%






 






$






3,487,619






 






 






100.0






%








Cost of sales






 






 






2,414,717






 






 






61.9






%






 






 






2,153,967






 






 






61.8






%








Gross profit






 






 






1,483,644






 






 






38.1






%






 






 






1,333,652






 






 






38.2






%








 






 






 






 






 






 






 






 






 






 






 








Selling, general and administrative expenses






 






 






1,003,141






 






 






25.7






%






 






 






815,599






 






 






23.4






%








Pre-opening expenses






 






 






3,561






 






 






0.1






%






 






 






1,732






 






 






0.0






%








Operating income






 






 






476,942






 






 






12.2






%






 






 






516,321






 






 






14.8






%








Interest expense (income), net






 






 






2,624






 






 






0.1






%






 






 






(1,994






)






 






(0.1






%)








Income before income taxes and equity net loss of affiliate






 






 






474,318






 






 






12.2






%






 






 






518,315






 






 






14.9






%








Income tax expense






 






 






115,994






 






 






3.0






%






 






 






125,045






 






 






3.6






%








Income before equity net loss of affiliate






 






 






358,324






 






 






9.2






%






 






 






393,270






 






 






11.3






%








Equity net loss of affiliate






 






 






1,647






 






 






0.0






%






 






 






—






 






 






0.0






%








Net income






 






$






356,677






 






 






9.1






%






 






$






393,270






 






 






11.3






%








 






 






 






 






 






 






 






 






 






 






 








Net income per common share:






 






 






 






 






 






 






 






 






 






 








Basic






 






$






8.05






 






 






 






 






$






8.50






 






 






 








Diluted






 






$






8.01






 






 






 






 






$






8.46






 






 






 








 






 






 






 






 






 






 






 






 






 






 








Weighted average common shares outstanding:






 






 






 






 






 






 






 






 






 






 








Basic






 






 






44,320






 






 






 






 






 






46,270






 






 






 








Diluted






 






 






44,521






 






 






 






 






 






46,476






 






 






 









Exhibit 2








Ulta Beauty, Inc.




Consolidated Statements of Income




(In thousands, except per share data)








 






 






 






 






 






 






 






 






 






 






 








 






 






Fiscal Year Ended








 






 






January 31,






 






February 1,








 






 






2026






 






2025








 






 






(Unaudited)






 






 








Net sales






 






$






12,392,820







 






100.0






%






 






$






11,295,654






 






 






100.0






%








Cost of sales






 






 






7,547,596






 






 






60.9






%






 






 






6,908,401






 






 






61.2






%








Gross profit






 






 






4,845,224






 






 






39.1






%






 






 






4,387,253






 






 






38.8






%








 






 






 






 






 






 






 






 






 






 






 








Selling, general and administrative expenses






 






 






3,296,411






 






 






26.6






%






 






 






2,808,592






 






 






24.9






%








Pre-opening expenses






 






 






15,821






 






 






0.1






%






 






 






13,689






 






 






0.1






%








Operating income






 






 






1,532,992






 






 






12.4






%






 






 






1,564,972






 






 






13.9






%








Interest expense (income), net






 






 






1,787






 






 






(0.0






%)






 






 






(15,094






)






 






(0.1






%)








Income before income taxes and equity net loss of affiliate






 






 






1,531,205






 






 






12.4






%






 






 






1,580,066






 






 






14.0






%








Income tax expense






 






 






373,869






 






 






3.0






%






 






 






378,948






 






 






3.4






%








Income before equity net loss of affiliate






 






 






1,157,336






 






 






9.3






%






 






 






1,201,118






 






 






10.6






%








Equity net loss of affiliate






 






 






3,857






 






 






0.0






%






 






 






—






 






 






0.0






%








Net income






 






$






1,153,479






 






 






9.3






%






 






$






1,201,118






 






 






10.6






%








 






 






 






 






 






 






 






 






 






 






 








Net income per common share:






 






 






 






 






 






 






 






 






 






 








Basic






 






$






25.72






 






 






 






 






$






25.44






 






 






 








Diluted






 






$






25.64






 






 






 






 






$






25.34






 






 






 








 






 






 






 






 






 






 






 






 






 






 








Weighted average common shares outstanding:






 






 






 






 






 






 






 






 






 






 








Basic






 






 






44,842






 






 






 






 






 






47,207






 






 






 








Diluted






 






 






44,991






 






 






 






 






 






47,404






 






 






 









Exhibit 3








Ulta Beauty, Inc.




Condensed Consolidated Balance Sheets




(In thousands)








 






 






 






 






 






 






 








 






 






January 31,






 






February 1,








 






 






2026






 






2025








 






 






(Unaudited)






 






 






 








Assets






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 








Cash and cash equivalents






 






$






424,243







 






$






703,201









Short-term investments






 






 






70,000






 






 






 






—






 








Receivables, net






 






 






296,217






 






 






 






223,334






 








Merchandise inventories, net






 






 






2,181,127






 






 






 






1,968,214






 








Prepaid expenses and other current assets






 






 






169,361






 






 






 






129,113






 








Prepaid income taxes






 






 






3,198






 






 






 






4,946






 








Total current assets






 






 






3,144,146






 






 






 






3,028,808






 








 






 






 






 






 






 






 








Property and equipment, net






 






 






1,434,062






 






 






 






1,239,295






 








Operating lease assets






 






 






1,813,074






 






 






 






1,609,870






 








Goodwill






 






 






226,421






 






 






 






10,870






 








Other intangible assets, net






 






 






203,288






 






 






 






204






 








Deferred compensation plan assets






 






 






53,391






 






 






 






47,951






 








Other long-term assets






 






 






124,912






 






 






 






64,695






 








Total assets






 






$






6,999,294






 






 






$






6,001,693






 








 






 






 






 






 






 






 








Liabilities and stockholders’ equity






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 








Accounts payable






 






$






685,887






 






 






$






563,761






 








Accrued liabilities






 






 






551,380






 






 






 






380,241






 








Deferred revenue






 






 






582,378






 






 






 






500,585






 








Current operating lease liabilities






 






 






306,671






 






 






 






288,114






 








Accrued income taxes






 






 






35,739






 






 






 






46,777






 








Short-term debt






 






 






62,287






 






 






 






—






 








Total current liabilities






 






 






2,224,342






 






 






 






1,779,478






 








 






 






 






 






 






 






 








Non-current operating lease liabilities






 






 






1,813,103






 






 






 






1,635,120






 








Deferred income taxes






 






 






98,766






 






 






 






42,593






 








Other long-term liabilities






 






 






59,632






 






 






 






56,149






 








Total liabilities






 






 






4,195,843






 






 






 






3,513,340






 








 






 






 






 






 






 






 








Commitments and contingencies






 






 






 






 






 






 








 






 






 






 






 






 






 








Total stockholders’ equity






 






 






2,803,451






 






 






 






2,488,353






 








Total liabilities and stockholders’ equity






 






$






6,999,294






 






 






$






6,001,693






 









Exhibit 4








Ulta Beauty, Inc.




Condensed Consolidated Statements of Cash Flows




(In thousands)








 






 






 






 






 






 






 








 






 






Fiscal Year Ended








 






 






January 31,






 






February 1,








 






 






2026






 






2025








 






 






(Unaudited)






 






 








Operating activities






 






 






 






 






 






 








Net income






 






$






1,153,479






 






 






$






1,201,118






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 






 






 








Depreciation and amortization






 






 






300,772






 






 






 






267,042






 








Non-cash lease expense






 






 






351,281






 






 






 






310,636






 








Deferred income taxes






 






 






(3,238






)






 






 






(43,328






)








Stock-based compensation expense






 






 






37,426






 






 






 






42,787






 








Loss on disposal of property and equipment






 






 






10,998






 






 






 






11,566






 








Equity net loss of affiliate






 






 






3,857






 






 






 






—






 








Change in operating assets and liabilities:






 






 






 






 






 






 








Receivables






 






 






(71,375






)






 






 






(15,395






)








Merchandise inventories






 






 






(135,801






)






 






 






(226,078






)








Prepaid expenses and other current assets






 






 






(25,607






)






 






 






(13,515






)








Income taxes






 






 






(9,199






)






 






 






34,772






 








Accounts payable






 






 






89,061






 






 






 






30,297






 








Accrued liabilities






 






 






108,201






 






 






 






6,303






 








Deferred revenue






 






 






73,358






 






 






 






63,994






 








Operating lease liabilities






 






 






(352,836






)






 






 






(333,835






)








Other assets and liabilities






 






 






(27,597






)






 






 






2,241






 








Net cash provided by operating activities






 






 






1,502,780






 






 






 






1,338,605






 








 






 






 






 






 






 






 








Investing activities






 






 






 






 






 






 








Purchases of short-term investments






 






 






(70,000






)






 






 






—






 








Capital expenditures






 






 






(434,829






)






 






 






(374,458






)








Acquisitions, net of cash acquired






 






 






(386,813






)






 






 






—






 








Other investments






 






 






(39,704






)






 






 






(8,631






)








Net cash used in investing activities






 






 






(931,346






)






 






 






(383,089






)








 






 






 






 






 






 






 








Financing activities






 






 






 






 






 






 








Borrowings from short-term debt






 






 






2,214,888






 






 






 






199,700






 








Payments on short-term debt






 






 






(2,182,316






)






 






 






(199,700






)








Repurchase of common shares






 






 






(901,388






)






 






 






(1,003,328






)








Stock options exercised






 






 






32,562






 






 






 






12,339






 








Purchase of treasury shares






 






 






(13,649






)






 






 






(23,761






)








Debt issuance costs






 






 






(763






)






 






 






(4,159






)








Net cash used in financing activities






 






 






(850,666






)






 






 






(1,018,909






)








 






 






 






 






 






 






 








Effect of exchange rate changes on cash and cash equivalents






 






 






274






 






 






 






—






 








Net decrease in cash and cash equivalents






 






 






(278,958






)






 






 






(63,393






)








Cash and cash equivalents at beginning of year






 






 






703,201






 






 






 






766,594






 








Cash and cash equivalents at end of year






 






$






424,243






 






 






$






703,201






 









Exhibit 5








Ulta Beauty, Inc.




Store Update (Company-Operated)











 



The following table presents store activities during the fourth quarter of fiscal 2025:








 






 






 






 






 








 






 






United States






 






International (Company-operated)








Opened






 






5







 






2









Closed






 






—






 






 






—






 








Net






 






5






 






 






2






 








 






 






 






 






 








Relocated






 






—






 






 






1






 








Remodeled






 






18






 






 






—






 









The following table presents store activities during fiscal 2025:








 






 






 






 






 








 






 






United States






 






International (Company-operated)








Opened






 






63







 






4









Closed






 






3






 






 






1






 








Net






 






60






 






 






3






 








 






 






 






 






 








Relocated






 






4






 






 






2






 








Remodeled






 






42






 






 






—






 









The following table presents the number of stores owned at the end of fiscal 2025:








 






 






 






 






 








 






 






United States






 






International (Company-operated)








Number of stores






 






1,505







 






86










Exhibit 6








Ulta Beauty, Inc.




Consolidated Sales by Category











 



The following tables set forth the approximate percentage of net sales by primary category:








 






 






 






 






 








 






 






13 Weeks Ended








 






 






January 31,






 






February 1,









 






2026






 






2025








Cosmetics






 






35






%






 






36






%








Skincare and wellness






 






24






%






 






23






%








Haircare






 






19






%






 






19






%








Fragrance






 






17






%






 






17






%








Services






 






3






%






 






3






%








Other






 






2






%






 






2






%








 






 






100






%






 






100






%









 






 






 






 






 








 






 






Fiscal Year Ended








 






 






January 31,






 






February 1,








 






 






2026






 






2025








Cosmetics






 






38






%






 






39






%








Skincare and wellness






 






24






%






 






23






%








Haircare






 






19






%






 






19






%








Fragrance






 






13






%






 






13






%








Services






 






4






%






 






4






%








Other






 






2






%






 






2






%








 






 






100






%






 






100






%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312969597/en/
Investor Contact:

Kiley Rawlins, CFA

Senior Vice President, Investor Relations

krawlins@ulta.com


Media Contact:

Natalie Navarre

Vice President, Public Relations & Social Marketing

nnavarre@ulta.com


Original: Ulta Beauty Announces Fourth Quarter and Fiscal 2025 Results and Provides Fiscal 2026 Guidance