Ulta Beauty to expand store reach to over 1,800 locations

Ulta Beauty is gearing up for significant growth, announcing plans to open 200 new stores over the next three years.

Ulta Beauty is gearing up for significant growth, announcing plans to open 200 new stores over the next three years. This initiative is set to accelerate its long-term goal of operating more than 1,800 locations across the U.S. Strategic focus on growth in beauty and wellness During its 2024 Investor Day, Ulta outlined its strategic priorities for driving sustainable growth in the beauty and wellness sector. The company’s long-term strategy centers on four key pillars: assortment, experience, access, and loyalty. In a bid to strengthen customer engagement, Ulta plans to expand its loyalty program to 50 million members by 2028. The company also aims to solidify its leadership position in wellness, enhancing both in-store and digital experiences for shoppers. In conjunction with these growth initiatives, Ulta Beauty’s board of directors has approved a new $3 billion share repurchase program, replacing the previous authorization. Since 2014, Ulta has returned over $6 billion to shareholders while continuously investing in its expansion efforts. Financial outlook remains strong Ulta Beauty reaffirmed its financial guidance for 2024, projecting net sales between $11 billion and $11.2 billion and diluted earnings per share (EPS) of $22.60 to $23.50. The company plans to open 60 to 65 new stores and repurchase around $1 billion in shares by the end of the year.