Net Sales of $3.5 Billion Compared to $3.6 Billion in the Year-Ago Quarter

Comparable Sales Increased 1.5%

Net Income of $393.3 Million or $8.46 Per Diluted Share

BOLINGBROOK, Ill., March 13, 2025 --( BUSINESS WIRE )--Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the thirteen-week period ("fourth quarter") and fifty-two-week period ("fiscal year") ended February 1, 2025, compared to the comparable fourteen-week and fifty-three-week periods ended February 3, 2024, both of which contained one extra week ("53 rd week").

13 Weeks Ended

14 Weeks Ended

52 Weeks Ended

53 Weeks Ended

February 1,

February 3,

February 1,

February 3,

(Dollars in millions, except per share data)

2025

2024

2025

2024

Net sales

$

3,487.6

$

3,554.3

$

11,295.7

$

11,207.3

Comparable sales (1)

1.5%

2.5%

0.7%

5.7%

Gross profit (as a percentage of net sales)

38.2%

37.7%

38.8%

39.1%

Selling, general and administrative expenses

$

815.6

$

820.4

$

2,808.6

$

2,694.6

Operating income (as a percentage of net sales)

14.8%

14.5%

13.9%

15.0%

Diluted earnings per share

$

8.46

$

8.08

$

25.34

$

26.03

New store openings, net

8

11

60

30

__________________________

(1) Comparable sales are calculated based on the comparable number of weeks from the prior year.

"The Ulta Beauty team delivered stronger-than-expected revenue, profitability, and diluted EPS in the fourth quarter. I am incredibly proud of our team’s collective impact on the business and the care they showed our guests throughout the holiday season, positioning us to finish fiscal 2024 ahead of our expectations," said Kecia Steelman, president and chief executive officer.

Steelman continued, "I am incredibly optimistic about the future of Ulta Beauty, as I believe we have the right elements to drive our success – a strong business model, an ambitious long-term plan, and passionate associates who bring our brand to life for our guests every day. Fiscal 2025 will be a pivotal year as we make purposeful investments to fuel our future growth and move quickly to optimize our business. While it will take time to see the impact of these efforts, we are confident these investments will help reignite our momentum and unlock sustained growth and long-term value for our shareholders."

Fourth Quarter of Fiscal 2024 Compared to Fourth Quarter of Fiscal 2023

Full Year of Fiscal 2024 Compared to Full Year of Fiscal 2023

Balance Sheet

Cash and cash equivalents at the end of the fourth quarter of fiscal 2024 totaled $703.2 million.

Merchandise inventories, net at the end of the fourth quarter of fiscal 2024 increased 13.0% to $2.0 billion compared to $1.7 billion at the end of the fourth quarter of fiscal 2023. The increase was primarily due to inventory to support new brand launches, intentional strategic investments to improve merchandise in-stocks in key categories post-holiday, and the addition of 60 net new stores since February 3, 2024.

As previously announced, during the third quarter of fiscal 2024, the Company borrowed $199.7 million on its revolving credit facility to support ongoing capital allocation priorities, including share repurchases and capital expenditures, and merchandise inventory growth. During the fourth quarter of fiscal 2024, the Company repaid all amounts borrowed, together with interest due. At the end of the fourth quarter of fiscal 2024, the Company had no borrowings outstanding under the revolving credit facility.

Share Repurchase Program

During the fourth quarter of fiscal 2024, the Company repurchased 620,053 shares of its common stock at a cost of $249.5 million. During fiscal 2024, the Company repurchased 2.5 million shares of its common stock at a cost of $1.0 billion. As of February 1, 2025, $2.7 billion remained available under the $3.0 billion share repurchase program announced in October 2024.

Store Update

During the fourth quarter of fiscal 2024, the Company opened nine new stores, remodeled five stores, and closed one store. During fiscal 2024, the Company opened 66 new stores, relocated two stores, remodeled 41 stores, and closed six stores. At the end of the fourth quarter of fiscal 2024, the Company operated 1,445 stores totaling 15.1 million square feet.

Fiscal 2025 Outlook

For fiscal 2025, the Company plans to:

FY25 Outlook

Net sales

$11.5 billion to $11.6 billion

Comparable sales

0% to 1%

New stores, net

approximately 60

Remodel and relocation projects

40-45

Operating margin

11.7% to 11.8%

Diluted earnings per share

$22.50 to $22.90

Share repurchases

approximately $900 million

Interest income

approximately $6 million

Effective tax rate

approximately 24.5%

Capital expenditures

$425 million to $500 million

Depreciation and amortization expense

$290 million to $300 million

Conference Call Information

A conference call to discuss fourth quarter of fiscal 2024 results is scheduled for today, March 13, 2025 at 4:30 p.m. ET / 3:30 p.m. CT. Investors and analysts who are interested in participating in the call are invited to dial (877) 704-4453. Participants may also listen to a real-time audio webcast of the conference call by visiting the Investor Relations section of the Company’s website located at https://www.ulta.com/investor . A replay will be made available online approximately two hours following the live call for a period of 30 days.

About Ulta Beauty

At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest specialty 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 1,445 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 .

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:

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

14 Weeks Ended

February 1,

February 3,

2025

2024

(Unaudited)

(Unaudited)

Net sales

$

3,487,619

100.0

%

$

3,554,298

100.0

%

Cost of sales

2,153,967

61.8

%

2,213,734

62.3

%

Gross profit

1,333,652

38.2

%

1,340,564

37.7

%

Selling, general and administrative expenses

815,599

23.4

%

820,360

23.1

%

Pre-opening expenses

1,732

0.0

%

3,114

0.1

%

Operating income

516,321

14.8

%

517,090

14.5

%

Interest income, net

(1,994

)

(0.1

%)

(3,328

)

(0.1

%)

Income before income taxes

518,315

14.9

%

520,418

14.6

%

Income tax expense

125,045

3.6

%

126,049

3.5

%

Net income

$

393,270

11.3

%

$

394,369

11.1

%

Net income per common share:

Basic

$

8.50

$

8.13

Diluted

$

8.46

$

8.08

Weighted average common shares outstanding:

Basic

46,270

48,500

Diluted

46,476

48,795

Exhibit 2

Ulta Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

52 Weeks Ended

53 Weeks Ended

February 1,

February 3,

2025

2024

(Unaudited)

Net sales

$

11,295,654

100.0

%

$

11,207,303

100.0

%

Cost of sales

6,908,401

61.2

%

6,826,203

60.9

%

Gross profit

4,387,253

38.8

%

4,381,100

39.1

%

Selling, general and administrative expenses

2,808,592

24.9

%

2,694,561

24.0

%

Pre-opening expenses

13,689

0.1

%

8,510

0.1

%

Operating income

1,564,972

13.9

%

1,678,029

15.0

%

Interest income, net

(15,094

)

(0.1

%)

(17,622

)

(0.2

%)

Income before income taxes

1,580,066

14.0

%

1,695,651

15.1

%

Income tax expense

378,948

3.4

%

404,646

3.6

%

Net income

$

1,201,118

10.6

%

$

1,291,005

11.5

%

Net income per common share:

Basic

$

25.44

$

26.18

Diluted

$

25.34

$

26.03

Weighted average common shares outstanding:

Basic

47,207

49,304

Diluted

47,404

49,596

Exhibit 3

Ulta Beauty, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

February 1,

February 3,

2025

2024

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

703,201

$

766,594

Receivables, net

223,334

207,939

Merchandise inventories, net

1,968,214

1,742,136

Prepaid expenses and other current assets

129,113

115,598

Prepaid income taxes

4,946

4,251

Total current assets

3,028,808

2,836,518

Property and equipment, net

1,239,295

1,182,335

Operating lease assets

1,609,870

1,574,530

Goodwill

10,870

10,870

Other intangible assets, net

204

510

Deferred compensation plan assets

47,951

43,516

Other long-term assets

64,695

58,732

Total assets

$

6,001,693

$

5,707,011

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

563,761

$

544,001

Accrued liabilities

380,241

382,468

Deferred revenue

500,585

436,591

Current operating lease liabilities

288,114

283,821

Accrued income taxes

46,777

11,310

Total current liabilities

1,779,478

1,658,191

Non-current operating lease liabilities

1,635,120

1,627,271

Deferred income taxes

42,593

85,921

Other long-term liabilities

56,149

56,300

Total liabilities

3,513,340

3,427,683

Commitments and contingencies

Total stockholders’ equity

2,488,353

2,279,328

Total liabilities and stockholders’ equity

$

6,001,693

$

5,707,011

Exhibit 4

Ulta Beauty, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

52 Weeks Ended

53 Weeks Ended

February 1,

February 3,

2025

2024

(Unaudited)

Operating activities

Net income

$

1,201,118

$

1,291,005

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

Depreciation and amortization

267,042

243,840

Non-cash lease expense

310,636

332,754

Deferred income taxes

(43,328

)

30,575

Stock-based compensation expense

42,787

48,246

Loss on disposal of property and equipment

11,566

11,419

Change in operating assets and liabilities:

Receivables

(15,395

)

(8,517

)

Merchandise inventories

(226,078

)

(138,685

)

Prepaid expenses and other current assets

(13,515

)

14,648

Income taxes

34,772

45,367

Accounts payable

30,297

(20,873

)

Accrued liabilities

6,303

(62,238

)

Deferred revenue

63,994

41,914

Operating lease liabilities

(333,835

)

(338,105

)

Other assets and liabilities

2,241

(15,084

)

Net cash provided by operating activities

1,338,605

1,476,266

Investing activities

Capital expenditures

(374,458

)

(435,267

)

Other investments

(8,631

)

(6,158

)

Net cash used in investing activities

(383,089

)

(441,425

)

Financing activities

Borrowings from credit facility

199,700

195,400

Payments on credit facility

(199,700

)

(195,400

)

Repurchase of common shares

(1,003,328

)

(995,738

)

Stock options exercised

12,339

12,176

Purchase of treasury shares

(23,761

)

(22,562

)

Debt issuance costs

(4,159

)

Net cash used in financing activities

(1,018,909

)

(1,006,124

)

Net decrease in cash and cash equivalents

(63,393

)

28,717

Cash and cash equivalents at beginning of year

766,594

737,877

Cash and cash equivalents at end of year

$

703,201

$

766,594

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 2024

quarter

quarter

quarter

end of the quarter

1 st Quarter

1,385

12

2

1,395

2 nd Quarter

1,395

17

1

1,411

3 rd Quarter

1,411

28

2

1,437

4 th Quarter

1,437

9

1

1,445

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 2024

the quarter

quarter

during the quarter

quarter

1 st Quarter

14,515,593

114,786

15,615

14,614,764

2 nd Quarter

14,614,764

178,624

10,800

14,782,588

3 rd Quarter

14,782,588

258,320

20,083

15,020,825

4 th Quarter

15,020,825

100,693

11,348

15,110,170

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

14 Weeks Ended

February 1,

February 3,

2025

2024

Cosmetics

36%

39%

Skincare

23%

22%

Haircare

19%

19%

Fragrance

17%

15%

Services

3%

3%

Other

2%

2%

100%

100%

52 Weeks Ended

53 Weeks Ended

February 1,

February 3,

2025

2024

Cosmetics

39%

41%

Skincare

23%

22%

Haircare

19%

20%

Fragrance

13%

11%

Services

4%

4%

Other

2%

2%

100%

100%

Certain sales departments were reclassified between categories in the prior year to conform to current year presentation, including moving the bath category from Fragrance to Skincare.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250313496800/en/

Contacts

Investor Contact:
Kiley Rawlins, CFA
Senior Vice President, Investor Relations
[email protected]

Media Contact:
Crystal Carroll
Senior Director, Public Relations
[email protected]

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