Ulta Beauty annual revenues surpass $10 billion, earnings surge double digits

By

Benjamin Fitzgerald

Published
Mar 12, 2023

Ulta Beauty announced on Thursday revenues for the full-year surged 18% to $10.2 billion on the back of retail price increases, the impact of new brands and product innovation and increased social occasions in 2022.

The Bolingbrook, Illinois-based company said annual comparable sales also increased 15% for the year ended January 28, driven by a 11% increase in transactions and a 4% increase in average ticket sales.

Likewise, fourth-quarter revenues gained 18% to $3.2 billion, compared to $2.7 billion in the prior-year quarter. Comparable sales increased 15%, driven by a 13% increase in transactions and a 2% increase in average ticket sales. 

Net income increased 17.8% to $340.8 million during the three months, while annual net income increased 26% to $1.2 billion in 2022.

“Ulta Beauty’s strong fourth quarter results punctuate an exceptional year with record sales, profitability, and member growth, reflecting robust demand and best-in-class execution,” said Dave Kimbell, chief executive officer.

“For the first time in our 33-year history, Ulta Beauty’s annual revenue surpassed ten billion dollars, our annual net income exceeded one billion dollars, and we exceeded 40 million Ultamate Rewards members. 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.”

Kimbell continued, “As we move into fiscal 2023, we remain optimistic about the strength and resiliency of the beauty category, and I am excited about the opportunities ahead to continue to expand our leadership position, capture market share gains, and drive long term value for all our stakeholders.”

During fiscal 2022, the company opened 47 new stores, relocated 12 stores, and remodeled 20 stores. The beauty retailer currently operates 1,355 stores.