Ulta Beauty Maintains Strong Appeal Among Consumers, Q3 Earnings Show — Retail Bum

Ulta Beauty reported a strong showing for the third quarter of 2023 that ended October 28, 2023, thanks to its knack for delivering valued offerings, resulting in a surge in traffic, both in brick-and-mortar stores and online.

In the third quarter of 2023, Ulta Beauty demonstrated a noteworthy performance, as net sales soared to $2,488.9 million, marking a 6.4% increase from the previous year’s $2,333.8 million. During this period, comparable sales experienced a 4.5% rise, in contrast to the prior year’s more substantial increase of 14.6%. The gross profit also increased, reaching $992.1 million, a 3% increase from the previous $962.8 million.

Ulta Beauty reported an operating income of $327.2 million, constituting 13.1% of net sales, compared to the previous year’s figure of 15.5%. Conversely, net income declined from $274.6 million to $249.5 million.

Ulta’s diluted earnings per share for the quarter were $5.07, slightly down from the previous figure of $5.34.

“Our insights suggest that consumers are ready to celebrate even as they navigate in an uncertain economic environment,” said CEO Dave Kimbell in a conference call with investors on Thursday, November 30, 2023.