Ulta Beauty has its sights set on the future following its Investor Day in 2024.
The beauty retailer has set priorities and long-term financial goals to drive profitable growth, including opening 200 new stores over the next three years.
“Ulta Beauty is a growth category leader with a proven model and significant financial strength to invest in and drive our long-term growth,” said CEO Dave Kimbell. “Over 30 years ago, Ulta Beauty was the original beauty disruptor, bringing us all things beauty. All in one place. While beauty continues to expand and evolve, we strive to bring beauty to everyone. The strategic priorities announced today remain true to our core purpose: to champion and empower every guest to discover their own potential through the power of beauty. This plan is designed to strengthen Ulta Beauty’s differentiated model and drive relevant innovation to meet the evolving needs of our guests, positioning Ulta Beauty as a lifetime destination for beauty enthusiasts. This will enable us to drive strong growth and capture greater market share in the beauty and wellness space, with a long history of consistently strong results and profitable growth and shareholder value. We remain confident and excited about the future of Ulta Beauty.”
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The key areas of focus to drive profitable growth and market share leadership in the beauty and health sector are:
Assortment: Curating the best in beauty and health for every beauty lover;Experience: Cultivating authentic, empowering relationships that inspire, delight and engage guests at every touchpoint ;Access: A seamless, immersive omnichannel experience. Loyalty: Build lifelong loyalty and love for your brand through member growth and personalization.
Other goals the company has set include driving the growth of its loyalty program by having more than 1,800 stores and expanding membership to 50 million people by 2028, and expanding its assortment to support the wellness industry. Our goals include establishing ourselves as a leader in and offering exclusive product listings. , whose shelves are lined with emerging and established brands.
“Ulta Beauty is a market leader in a strong and healthy consumer category with a long history of strong, consistent, profitable growth and shareholder value,” said Chief Financial Officer Paula Oybo. . “While we expect 2024 and 2025 to be a transition period as we operate through near-term category dynamics, over the long term we expect to deliver both profitable growth and compelling shareholder value.” We believe there are further opportunities to expand our leadership position.”
The company’s outlined financial goals include 4% to 6% net sales growth, with an operating margin of approximately 12% of net sales and low double-digit diluted EPS growth. This is the goal.
