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Ulta Beauty Announces Third Quarter Fiscal 2022 Results

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Ulta Beauty reported net sales of $2.3 billion for Q3 2022, up from $2.0 billion in Q3 2021, reflecting a 14.6% increase in comparable sales. Net income rose to $274.6 million, or $5.34 per diluted share, a 27.5% increase year-over-year. The company also raised its fiscal 2022 outlook, projecting net sales between $9.95 billion and $10.00 billion. The gross profit margin improved to 41.2%. Despite an increase in selling, general, and administrative expenses, operating income grew to $361.9 million.

Positive
  • Net sales increased by 17.2% YoY to $2.3 billion.
  • Comparable sales rose by 14.6%, driven by a 10.7% increase in transactions.
  • Gross profit increased 22.0% to $962.8 million; gross margin improved to 41.2%.
  • Operating income rose 27.3% to $361.9 million.
  • Net income increased by 27.5% to $274.6 million.
  • Company raised fiscal 2022 net sales outlook to $9.95 billion-$10.00 billion.
Negative
  • SG&A expenses increased 18.6% to $597.2 million, impacting margins.
  • Comparable sales growth declined from 25.8% in the previous year to 14.6%.

Net Sales of $2.3 Billion Compared to $2.0 Billion in the Year-Ago Quarter

Comparable Sales Increased 14.6%

Net Income of $274.6 Million or $5.34 Per Diluted Share

Company Raises Outlook for Fiscal Year 2022

BOLINGBROOK, Ill.--(BUSINESS WIRE)-- Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the thirteen-week period (“third quarter”) and thirty-nine-week period (“first nine months”) ended October 29, 2022 compared to the same periods ended October 30, 2021.

 

 

 

13 Weeks Ended

 

 

 

39 Weeks Ended

(Dollars in millions, except per share data)

 

October 29,

 

October 30,

 

October 31,

 

 

October 29,

 

October 30,

 

October 31,

2022

 

2021

 

2020

 

 

2022

 

2021

 

2020

Net sales

 

$

2,338.8

 

$

1,995.8

 

$

1,552.0

 

 

$

6,981.8

 

$

5,901.5

 

$

3,953.3

Comparable sales

 

 

14.6%

 

 

25.8%

 

 

(8.9)%

 

 

 

15.6%

 

 

47.1%

 

 

(23.8)%

Gross profit (as a percentage of net sales)

 

 

41.2%

 

 

39.6%

 

 

35.1%

 

 

 

40.6%

 

 

39.7%

 

 

29.8%

Selling, general and administrative expenses

 

$

597.2

 

$

503.4

 

$

416.4

 

 

$

1,632.6

 

$

1,411.6

 

$

1,068.9

Operating income (as a percentage of net sales)

 

 

15.5%

 

 

14.2%

 

 

6.5%

 

 

 

17.1%

 

 

15.6%

 

 

0.3%

Diluted earnings per share

 

$

5.34

 

$

3.94

 

$

1.32

 

 

$

17.35

 

$

12.60

 

$

0.08

New store openings, net

 

 

18

 

 

6

 

 

(2)

 

 

 

35

 

 

38

 

 

8

“Amidst a challenging macro environment, the Ulta Beauty team delivered yet another outstanding quarter, with strong top and bottom-line results and growth across all major categories and channels,” said Dave Kimbell, chief executive officer. “Our third quarter results reflect the sustained resilience of the beauty category and the strong emotional connection and loyalty we have cultivated with our guests. I am confident our business model, which offers unmatched breadth, value, and convenience, is even more relevant today and unlocks opportunities to further delight guests as we continue to lead the beauty category.”

For the Third Quarter of Fiscal 2022

  • Net sales increased 17.2% to $2.3 billion compared to $2.0 billion in the third quarter of fiscal 2021 primarily due to the favorable impact from the continued resilience of the beauty category, retail price increases, and the impact of new brands and product innovation compared to the third quarter of fiscal 2021.
  • Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.6% compared to an increase of 25.8% in the third quarter of fiscal 2021, driven by a 10.7% increase in transactions and a 3.5% increase in average ticket.
  • Gross profit increased 22.0% to $962.8 million compared to $789.5 million in the third quarter of fiscal 2021. As a percentage of net sales, gross profit increased to 41.2% compared to 39.6% in the third quarter of fiscal 2021, primarily due to leverage in fixed costs, strong growth in other revenue, and higher merchandise margin, partially offset by higher inventory shrink.
  • Selling, general and administrative (SG&A) expenses increased 18.6% to $597.2 million compared to $503.4 million in the third quarter of fiscal 2021. As a percentage of net sales, SG&A expenses increased to 25.5% compared to 25.2% in the third quarter of fiscal 2021, primarily due to deleverage in store payroll and benefits and corporate overhead due to strategic investments, partially offset by lower marketing expenses.
  • Operating income increased 27.3% to $361.9 million, or 15.5% of net sales, compared to $284.2 million, or 14.2% of net sales, in the third quarter of fiscal 2021.
  • The tax rate increased to 24.3% compared to 24.1% in the third quarter of fiscal 2021.
  • Net income increased 27.5% to $274.6 million compared to $215.3 million in the third quarter of fiscal 2021.
  • Diluted earnings per share increased 35.5% to $5.34, including a $0.02 benefit due to income tax accounting for stock-based compensation, compared to $3.94, including a $0.01 benefit due to income tax accounting for stock-based compensation, in the third quarter of fiscal 2021.

For the First Nine Months of Fiscal 2022

  • Net sales increased 18.3% to $7.0 billion compared to $5.9 billion in the first nine months of fiscal 2021, primarily due to the favorable impact from the continued resilience of the beauty category, retail price increases, the impact of new brands and product innovation, and the easing of COVID-19 restrictions compared to the first nine months of fiscal 2021.
  • Comparable sales increased 15.6% compared to an increase of 47.1% in the first nine months of fiscal 2021, driven by a 9.7% increase in transactions and a 5.4% increase in average ticket.
  • Gross profit increased 21.0% to $2.8 billion compared to $2.3 billion in the first nine months of fiscal 2021. As a percentage of net sales, gross profit increased to 40.6% compared to 39.7% in the first nine months of fiscal 2021, primarily due to leverage of fixed costs, strong growth in other revenue, and favorable channel mix shifts, partially offset by lower merchandise margin and higher inventory shrink.
  • SG&A expenses increased 15.7% to $1.6 billion compared to $1.4 billion in the first nine months of fiscal 2021. As a percentage of net sales, SG&A expenses decreased to 23.4% compared to 23.9% in the first nine months of fiscal 2021, due to lower marketing expenses, partially offset by deleverage in corporate overhead primarily due to strategic investments.
  • Operating income increased 29.2% to $1.2 billion, or 17.1% of net sales, compared to $921.9 million, or 15.6% of net sales, in the first nine months of fiscal 2021.
  • The tax rate decreased to 24.3% compared to 24.4% in the first nine months of fiscal 2021.
  • Net income increased 29.5% to $901.7 million compared to $696.5 million in the first nine months of fiscal 2021.
  • Diluted earnings per share increased 37.7% to $17.35, including a $0.05 benefit due to income tax accounting for stock-based compensation, compared to $12.60 including a $0.08 benefit due to income tax accounting for stock-based compensation, in the first nine months of fiscal 2021.

Balance Sheet

Cash and cash equivalents at the end of the third quarter of fiscal 2022 were $250.6 million.

Merchandise inventories, net at the end of the third quarter of fiscal 2022 totaled $2.11 billion compared to $1.92 billion at the end of the third quarter of fiscal 2021. The $198.3 million increase was primarily due to inventory to support new brand launches, the addition of 41 net new stores opened since October 30, 2021, inventory cost increases, and inventory receipts to maintain strong in-stocks of key items to support expected demand.

Share Repurchase Program

During the third quarter of fiscal 2022, the Company repurchased 340,271 shares of its common stock at a cost of $137.5 million. During the first nine months of fiscal 2022, the Company repurchased 1.5 million shares of its common stock at a cost of $571.9 million. As of October 29, 2022, $1.4 billion remained available under the $2.0 billion share repurchase program announced in March 2022.

Store Update

Real estate activity in the third quarter of fiscal 2022 included 18 new stores located in Boone, NC; Bullhead City, AZ; Campbell, CA; Clemmons, NC; Dallas, TX; Del Rio, TX; Huntsville, TX; Jasper, IN; McMinnville, OR; Paris, TX; Redmond, OR; Rehoboth Beach, DE; Selma, TX; Sequim, WA; St. Petersburg, FL; Starkville, MS; Stoughton, MA and Wilson, NC. In addition, the Company relocated one store and remodeled eight stores. During the first nine months of fiscal 2022, the Company opened 35 new stores, relocated 11 stores, and remodeled eight stores.

At the end of the third quarter of fiscal 2022, the Company operated 1,343 stores totaling 14.1 million square feet.

Fiscal 2022 Outlook

Based on third quarter results and updated expectations for the fourth quarter, the Company has increased its outlook for fiscal 2022.

The Company’s updated outlook for fiscal 2022 is as follows:

 

Prior FY22 Outlook

 

Updated FY22 Outlook

Net sales

 

 

$9.65 billion to $9.75 billion

 

$9.95 billion to $10.00 billion

Comparable sales

 

 

9.5% to 10.5%

 

12.6% to 13.2%

New stores, net

 

 

50

 

47

Remodel and relocation projects

 

 

35

 

33

Operating margin

 

 

14.6% to 14.8%

 

15.5% to 15.6%

Diluted earnings per share

 

 

$20.70 to $21.20

 

$22.60 to $22.90

Share repurchases

 

 

approximately $900 million

 

no change

Effective tax rate

 

 

approximately 24.5%

 

no change

Capital expenditures

 

 

$350 million to $400 million

 

$300 million to $350 million

Depreciation and amortization expense

 

 

approximately $250 million

 

no change

The Company’s outlook for fiscal 2022 assumes a consistent federal tax rate.

Conference Call Information

A conference call to discuss third quarter of fiscal 2022 results is scheduled for today, December 1, 2022, at 4:30 p.m. ET / 3:30 p.m. CT. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453. The conference call will also be webcast live at https://ulta.com/investor. A replay of the webcast will remain available for 90 days. A replay of the conference call will be available until 11:59 p.m. ET on December 15, 2022 and can be accessed by dialing (844) 512‑2921 and entering conference ID number 13733783.

About Ulta Beauty

At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest U.S. beauty retailer and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. In 1990, the Company reinvented the beauty retail experience by offering a new way to shop for beauty – bringing together All Things Beauty, All in One Place®. Today, Ulta Beauty operates 1,343 retail stores across 50 states and also distributes its products through its website, which includes a collection of tips, tutorials, and social content. For more information, visit www.ulta.com.

Ulta Beauty was recently added to the Bloomberg Gender Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. More information about Ulta Beauty’s corporate responsibility efforts can be found at www.ulta.com/investor/ESG.

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:

  • changes in the overall level of consumer spending and volatility in the economy, including as a result of the COVID-19 pandemic and geo-political events;
  • the impact of current inflationary cost pressures on payroll, benefits, supply chain, and other operating costs;
  • our ability to sustain our growth plans and successfully implement our long-range strategic and financial plan;
  • the ability to execute our operational excellence priorities, including continuous improvement, Project SOAR (our replacement enterprise resource planning platform), and supply chain optimization;
  • epidemics, pandemics or natural disasters that have and could continue to negatively impact sales;
  • our ability to gauge beauty trends and react to changing consumer preferences in a timely manner;
  • the possibility that we may be unable to compete effectively in our highly competitive markets;
  • 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;
  • the failure to maintain satisfactory compliance with applicable privacy and data protection laws and regulations;
  • the possibility that the capacity of our distribution and order fulfillment infrastructure and the performance of our distribution centers and fast fulfillment centers may not be adequate to support our expected future growth plans;
  • changes in the wholesale cost of our products;
  • a decline in operating results that has and may continue to lead to asset impairment and store closure charges;
  • the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues;
  • our ability to attract and retain key executive personnel;
  • the impact of climate change on our business operations and/or supply chain;
  • our ability to successfully execute our common stock repurchase program or implement future common stock repurchase programs; 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 January 29, 2022, 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

 

 

October 29,

 

October 30,

 

 

2022

 

2021

 

 

(Unaudited)

 

(Unaudited)

Net sales

 

$

2,338,793

 

 

100.0

%

 

$

1,995,775

 

100.0

%

Cost of sales

 

 

1,375,976

 

 

58.8

%

 

 

1,206,301

 

60.4

%

Gross profit

 

 

962,817

 

 

41.2

%

 

 

789,474

 

39.6

%

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

597,164

 

 

25.5

%

 

 

503,403

 

25.2

%

Pre-opening expenses

 

 

3,797

 

 

0.2

%

 

 

1,832

 

0.1

%

Operating income

 

 

361,856

 

 

15.5

%

 

 

284,239

 

14.2

%

Interest expense (income), net

 

 

(849

)

 

(0.0

%)

 

 

413

 

0.0

%

Income before income taxes

 

 

362,705

 

 

15.5

%

 

 

283,826

 

14.2

%

Income tax expense

 

 

88,120

 

 

3.8

%

 

 

68,537

 

3.4

%

Net income

 

$

274,585

 

 

11.7

%

 

$

215,289

 

10.8

%

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

5.37

 

 

 

 

$

3.97

 

 

Diluted

 

$

5.34

 

 

 

 

$

3.94

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,131

 

 

 

 

 

54,291

 

 

Diluted

 

 

51,418

 

 

 

 

 

54,660

 

 

Exhibit 2

Ulta Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

 

 

39 Weeks Ended

 

 

October 29,

 

October 30,

 

 

2022

 

2021

 

 

(Unaudited)

 

(Unaudited)

Net sales

 

$

6,981,807

 

 

100.0

%

 

$

5,901,501

 

100.0

%

Cost of sales

 

 

4,149,800

 

 

59.4

%

 

 

3,560,276

 

60.3

%

Gross profit

 

 

2,832,007

 

 

40.6

%

 

 

2,341,225

 

39.7

%

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

1,632,593

 

 

23.4

%

 

 

1,411,577

 

23.9

%

Pre-opening expenses

 

 

8,422

 

 

0.1

%

 

 

7,778

 

0.1

%

Operating income

 

 

1,190,992

 

 

17.1

%

 

 

921,870

 

15.6

%

Interest expense (income), net

 

 

(556

)

 

(0.0

%)

 

 

1,196

 

0.0

%

Income before income taxes

 

 

1,191,548

 

 

17.1

%

 

 

920,674

 

15.6

%

Income tax expense

 

 

289,891

 

 

4.2

%

 

 

224,203

 

3.8

%

Net income

 

$

901,657

 

 

12.9

%

 

$

696,471

 

11.8

%

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

17.45

 

 

 

 

$

12.68

 

 

Diluted

 

$

17.35

 

 

 

 

$

12.60

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,663

 

 

 

 

 

54,921

 

 

Diluted

 

 

51,962

 

 

 

 

 

55,280

 

 

Exhibit 3

Ulta Beauty, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

October 29,

 

January 29,

 

October 30,

 

 

2022

 

2022

 

2021

 

 

(Unaudited)

 

 

 

 

(Unaudited)

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

250,628

 

$

431,560

 

$

605,053

Receivables, net

 

 

200,304

 

 

233,682

 

 

169,212

Merchandise inventories, net

 

 

2,114,669

 

 

1,499,218

 

 

1,916,343

Prepaid expenses and other current assets

 

 

137,642

 

 

110,814

 

 

105,584

Prepaid income taxes

 

 

42,572

 

 

5,909

 

 

37,501

Total current assets

 

 

2,745,815

 

 

2,281,183

 

 

2,833,693

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

967,039

 

 

914,476

 

 

908,665

Operating lease assets

 

 

1,556,940

 

 

1,482,256

 

 

1,464,533

Goodwill

 

 

10,870

 

 

10,870

 

 

10,870

Other intangible assets, net

 

 

844

 

 

1,538

 

 

1,770

Deferred compensation plan assets

 

 

31,529

 

 

38,409

 

 

36,403

Other long-term assets

 

 

18,512

 

 

35,647

 

 

31,833

Total assets

 

$

5,331,549

 

$

4,764,379

 

$

5,287,767

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

647,117

 

$

552,730

 

$

747,451

Accrued liabilities

 

 

462,773

 

 

364,797

 

 

329,672

Deferred revenue

 

 

312,132

 

 

353,579

 

 

272,628

Current operating lease liabilities

 

 

275,749

 

 

274,118

 

 

274,365

Accrued income taxes

 

 

 

 

12,786

 

 

Total current liabilities

 

 

1,697,771

 

 

1,558,010

 

 

1,624,116

 

 

 

 

 

 

 

 

 

 

Non-current operating lease liabilities

 

 

1,621,252

 

 

1,572,638

 

 

1,565,921

Deferred income taxes

 

 

38,627

 

 

39,693

 

 

67,267

Other long-term liabilities

 

 

51,644

 

 

58,665

 

 

43,663

Total liabilities

 

 

3,409,294

 

 

3,229,006

 

 

3,300,967

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

1,922,255

 

 

1,535,373

 

 

1,986,800

Total liabilities and stockholders’ equity

 

$

5,331,549

 

$

4,764,379

 

$

5,287,767

Exhibit 4

Ulta Beauty, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

 

 

39 Weeks Ended

 

 

October 29,

 

October 30,

 

 

2022

 

2021

 

 

(Unaudited)

 

(Unaudited)

Operating activities

 

 

 

 

 

 

Net income

 

$

901,657

 

 

$

696,471

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

182,182

 

 

 

204,734

 

Non-cash lease expense

 

 

222,548

 

 

 

206,017

 

Deferred income taxes

 

 

(1,066

)

 

 

1,908

 

Stock-based compensation expense

 

 

32,554

 

 

 

38,217

 

Loss on disposal of property and equipment

 

 

3,892

 

 

 

3,357

 

Change in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

33,378

 

 

 

23,897

 

Merchandise inventories

 

 

(615,451

)

 

 

(748,128

)

Prepaid expenses and other current assets

 

 

(26,828

)

 

 

1,818

 

Income taxes

 

 

(49,446

)

 

 

(80,027

)

Accounts payable

 

 

94,214

 

 

 

266,104

 

Accrued liabilities

 

 

64,164

 

 

 

24,482

 

Deferred revenue

 

 

(41,447

)

 

 

(1,755

)

Operating lease liabilities

 

 

(246,988

)

 

 

(222,451

)

Other assets and liabilities

 

 

20,063

 

 

 

213

 

Net cash provided by operating activities

 

 

573,426

 

 

 

414,857

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Capital expenditures

 

 

(203,961

)

 

 

(108,418

)

Other investments

 

 

(3,068

)

 

 

 

Net cash used in investing activities

 

 

(207,029

)

 

 

(108,418

)

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Repurchase of common shares

 

 

(571,908

)

 

 

(762,167

)

Stock options exercised

 

 

31,319

 

 

 

30,297

 

Purchase of treasury shares

 

 

(6,740

)

 

 

(15,511

)

Net cash used in financing activities

 

 

(547,329

)

 

 

(747,381

)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

(56

)

Net decrease in cash and cash equivalents

 

 

(180,932

)

 

 

(440,998

)

Cash and cash equivalents at beginning of period

 

 

431,560

 

 

 

1,046,051

 

Cash and cash equivalents at end of period

 

$

250,628

 

 

$

605,053

 

Exhibit 5

Ulta Beauty, Inc.

Store Update

 

 

 

 

 

 

 

 

 

 

 

Total stores open

 

Number of stores

 

Number of stores

 

Total stores

 

 

at beginning of the

 

opened during the

 

closed during the

 

open at

Fiscal 2022

 

quarter

 

quarter

 

quarter

 

end of the quarter

1st Quarter

 

1,308

 

10

 

0

 

1,318

2nd Quarter

 

1,318

 

7

 

0

 

1,325

3rd Quarter

 

1,325

 

18

 

0

 

1,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross square feet for

 

 

 

 

 

 

Total gross square

 

stores opened or

 

Gross square feet for

 

Total gross square

 

 

feet at beginning of

 

expanded during the

 

stores closed

 

feet at end of the

Fiscal 2022

 

the quarter

 

quarter

 

during the quarter

 

quarter

1st Quarter

 

13,770,438

 

90,905

 

0

 

13,861,343

2nd Quarter

 

13,861,343

 

61,257

 

0

 

13,922,600

3rd Quarter

 

13,922,600

 

151,730

 

0

 

14,074,330

Exhibit 6

Ulta Beauty, Inc.

Sales by Category

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

 

 

13 Weeks Ended

 

 

October 29,

 

October 30,

 

2022

 

2021

Cosmetics

 

44%

 

45%

Haircare products and styling tools

 

21%

 

21%

Skincare

 

16%

 

16%

Fragrance and bath

 

12%

 

12%

Services

 

4%

 

3%

Accessories and other

 

3%

 

3%

 

 

100%

 

100%

 

 

 

 

 

 

 

39 Weeks Ended

 

 

October 29,

 

October 30,

 

 

2022

 

2021

Cosmetics

 

43%

 

44%

Haircare products and styling tools

 

21%

 

20%

Skincare

 

17%

 

17%

Fragrance and bath

 

12%

 

12%

Services

 

4%

 

4%

Accessories and other

 

3%

 

3%

 

 

100%

 

100%

 

Investor Contacts:

Kiley Rawlins, CFA

Vice President, Investor Relations

krawlins@ulta.com

Media Contact:

Eileen Ziesemer

Vice President, Public Relations

eziesemer@ulta.com

(708) 305-4479

Source: Ulta Beauty, Inc.

FAQ

What were Ulta's net sales for Q3 2022?

Ulta's net sales for Q3 2022 were $2.3 billion, up from $2.0 billion in Q3 2021.

How much did Ulta's net income increase in Q3 2022?

Ulta's net income increased by 27.5% to $274.6 million in Q3 2022.

What is Ulta's updated fiscal 2022 outlook?

Ulta raised its fiscal 2022 net sales outlook to between $9.95 billion and $10.00 billion.

What was the increase in Ulta's diluted earnings per share for Q3 2022?

Diluted earnings per share for Q3 2022 increased by 35.5% to $5.34.

How did Ulta's comparable sales perform in Q3 2022?

Ulta's comparable sales increased by 14.6% in Q3 2022, down from 25.8% in the previous year.

Ulta Beauty, Inc.

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