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Ulta Beauty Plans 100 New Stores After Earnings Beat Expectations

Bolingbrook, IL-based Ulta Beauty Inc. beat analysts’ expectations with fourth-quarter 2022 results, including 18% increases in sales and net income. CEO Dave Kimbell told CNBC that plans call for the addition of roughly 10 new brick-and-mortar stores over the next two years, along with building its partnership with Target, with whom it currently operates 350 store-within-stores. 

“For the first time in our 33-year history, Ulta Beauty’s annual revenue surpassed $10 billion, our annual net income exceeded $1 billion and we exceeded 40 million Ultamate Rewards member,” Kimbell said when earnings were announced.   

Looking ahead, the company expects full-year revenue for 2023 to be between $10.95 billion and $11.05 billion along with earnings per share of between $24.70 and $25.40. CNBC reported that Wall Street was anticipating 2023 revenue of $10.74 billion and earnings per share of $24.25, citing projections from Refinitiv. 


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Ulta Beauty

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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