Dave Kimbell, Chief Executive Officer of Ulta Beauty said,
“The Ulta Beauty team delivered better-than-expected sales and profitability reflecting improved sales trends and strong financial discipline. I am proud of the progress we’ve made and encouraged by early signs that our efforts to reinforce our market position and drive improved performance are gaining traction. As we look to the remainder of fiscal 2024, we are focused on executing with excellence across our key initiatives to deliver in a dynamic environment.”
During Q3 of 2024, Ulta opened 28 new stores, remodeled 27 stores, and closed two stores.
During the first nine months of fiscal 2024, the company opened 57 new stores, relocated two stores, remodeled 36 stores, and closed five stores.
Third Quarter 2024 Results
Net sales increased 1.7% to $2.53 billion compared to $2.49 billion in 2023. This was mostly due to new store contribution, partially offset by a decline in other revenue. Q3 2024 net income was $242.2 million compared to $249.5 million the year prior.
This year, comparable sales (sales for stores open at least 14 months and e-commerce sales) increased by 0.6% compared to an increase of 4.5% in 2023. 2024 growth was driven by a 0.5% increase in transactions and a 0.1% increase in average tickets.
First Nine Month 2024 Results
Net income was $807.8 million in 2024 compared to $896.6 million in 2023 in the first nine months.
2024 net sales increased 2.0% to $7.8 billion compared to $7.7 billion in 2023, primarily due to new store contributions and growth in other revenue.
Kimbell added,
“We remain confident that our model and strategies will drive long-term profitable growth and share leadership by enhancing our position as the destination for beauty enthusiasts for a lifetime.”
Read Next
Ulta Beauty Announces the 2024 MUSE Accelerator Cohort
Ulta Beauty Launches Wicked Makeup Collection
Ulta Forms The Joy Council
