Ulta Beauty Plans 25-30 New Stores in Coming Year

Ulta Beauty Inc. (Bolingbrook, Ill.) said it plans to open 25-30 stores and remodel or relocate up to 30 more in the coming year. The company detailed those plans in its earnings release for its fourth quarter and fiscal year ended Jan. 28, which saw it set records for sales and profitability.

The retailer’s expansion plans represent a somewhat slower pace than its just-completed year, when it opened 47 new stores, relocated 12 and remodeled 20. Ulta currently has a total of 1355 outlets.

As for its financial results, the retailer’s net sales hit $10.2 billion, up from $8.6 billion a year earlier, and its net income was $1.2 billion, up from $985.8 million in fiscal 2021.

“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 members,” says CEO Dave Kimbell. “These milestone achievements demonstrate the power of Ulta Beauty’s highly differentiated model, the health of the growing beauty category, and our winning culture and outstanding teams.”