
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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