Ulta Beauty reports record third quarter; net sales hit US$2 billion

Ulta Beauty reports record third quarter; net sales hit US$2 billion

THE WHAT? Ulta Beauty has announced a record set of results for the third quarter of fiscal 2021. The US beauty retailer delivered sales of US$2 billion compared to US$1.6 billion in the year-ago quarter, an increase of 28.6 percent.

THE DETAILS Gross profit increased to US$789.5 million compared to US$545.5 million in prior year period. Net income increased to US$215.3 million compared to US$744.8 million in the third quarter of fiscal 2020.

Based on the results for the first nine months of fiscal 2021, the company has upped its outlook for fiscal 2021 and now expects comparable sales to rise 36 percent to 37 percent versus the 30 to 32 percent window previously forecast.

THE WHY? Ulta attributed its strong performance to stronger consumer confidence and fewer COVID-19 restrictions compared to the third quarter of fiscal 2020. Dave Kimbell, Chief Executive Officer, explains, “The Ulta Beauty team delivered outstanding results again this quarter. For the third quarter, we delivered record sales and earnings, increased our market share, and expanded our Ultamate Rewards loyalty program to nearly 36 million members. This strong third quarter performance reflects the strength and resiliency of the Beauty category, the power of the Ulta Beauty differentiated model, and the impact of our winning culture and team. I want to express my sincere appreciation to all of our Ulta Beauty associates for their incredible efforts to serve our guests and deliver these excellent results.”

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