Beauty fans are shopping again, and Ulta Beauty is seeing the benefits.
The beauty retailer saw a net sales increase of 28.6 percent for the quarter ended Oct. 30, to nearly $2 billion in sales, up from $1.55 billion in the prior-year period. Ulta’s net income increased to $215.3 million, from $74.8 million a year ago.
Ulta’s chief executive officer Dave Kimbell said in a statement that the company “delivered record sales and earnings, increased our market share and expanded our Ultamate Rewards loyalty program to nearly 36 million members.”
He said Ulta’s results reflected “strength and resiliency of the beauty category.”
For the nine-month period, Ulta’s net sales increased 49.3 percent over the prior year, when retail lockdowns took place because of the COVID-19 pandemic. Sales for the nine months ended Oct. 30 were $5.9 billion, up from $4 billion a year ago. Net income was $696.5 million, compared to $4.3 million in 2020.
Ulta has increased its outlook for the fiscal year, and is now projecting between $8.5 billion and $8.6 billion in sales, up from $8.1 billion to $8.3 billion it previously estimated.
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Source: WWD