09.04.24
Ulta Beauty has announced its financial results for the second quarter and the first six months of 2024, which ended on August 3, 2024.
Dave Kimbell, Ulta Beauty CEO, said,
“While we are encouraged by many positive indicators across our business, our second quarter performance did not meet our expectations, driven primarily by a decline in comparable store sales. We are clear about the factors that adversely impacted our store performance, and we have actions underway to address the trends.”
In Q2, net sales increased by 0.9% to $2.6 billion compared to $2.5 billion the year prior. This was primarily driven by new store contribution and growth in other revenue.
Comparable sales (sales for stores open at least 14 months and e-commerce sales) decreased by 1.2% driven by a 1.8% decrease in transactions and a 0.6% increase in average ticket.
Overall, in Q2, gross profits amounted to $978.2 million, and net income decreased to $252.6 million compared to $300.1 million in Q2 2023.
During the second quarter of fiscal 2024, the Company opened 17 new stores, relocated one store, remodeled nine stores, and closed one store.
Kimbell continued,
“We are focused on driving stronger sales and traffic and continuing to exercise financial discipline. In light of our first half trends and a more cautious outlook, we have updated our full year expectations. I remain confident in the power of our differentiated model, the strength of our financial foundation, and our ability to deliver value for our shareholders over the long term.”
In the first quarter of 2024, net sales increased by 2.2% to $5.3 billion compared to $5.2 billion in 2023. Comparable sales increased by 0.2% compared to an increase of 8.7% last year. This was driven by a 0.4% increase in average tickets and a 0.2% decrease in transactions.
Gross profit was flat at $2.0 billion and net income reached $565.7 million compared to $647.2 million in the first half of 2023.
During the first six months of fiscal 2024, the Company opened 29 new stores, relocated two stores, remodeled nine stores, and closed three stores.
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Dave Kimbell, Ulta Beauty CEO, said,
“While we are encouraged by many positive indicators across our business, our second quarter performance did not meet our expectations, driven primarily by a decline in comparable store sales. We are clear about the factors that adversely impacted our store performance, and we have actions underway to address the trends.”
In Q2, net sales increased by 0.9% to $2.6 billion compared to $2.5 billion the year prior. This was primarily driven by new store contribution and growth in other revenue.
Comparable sales (sales for stores open at least 14 months and e-commerce sales) decreased by 1.2% driven by a 1.8% decrease in transactions and a 0.6% increase in average ticket.
Overall, in Q2, gross profits amounted to $978.2 million, and net income decreased to $252.6 million compared to $300.1 million in Q2 2023.
During the second quarter of fiscal 2024, the Company opened 17 new stores, relocated one store, remodeled nine stores, and closed one store.
Kimbell continued,
“We are focused on driving stronger sales and traffic and continuing to exercise financial discipline. In light of our first half trends and a more cautious outlook, we have updated our full year expectations. I remain confident in the power of our differentiated model, the strength of our financial foundation, and our ability to deliver value for our shareholders over the long term.”
In the first quarter of 2024, net sales increased by 2.2% to $5.3 billion compared to $5.2 billion in 2023. Comparable sales increased by 0.2% compared to an increase of 8.7% last year. This was driven by a 0.4% increase in average tickets and a 0.2% decrease in transactions.
Gross profit was flat at $2.0 billion and net income reached $565.7 million compared to $647.2 million in the first half of 2023.
During the first six months of fiscal 2024, the Company opened 29 new stores, relocated two stores, remodeled nine stores, and closed three stores.
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