Fourth quarter net sales at Ulta Beauty increased 10.2 percent to 3.6 billion dollars due to increased comparable sales, new store performance, strong growth in other revenue, and the benefit of an extra week of sales in fiscal 2023.
Comparable sales increased 2.5 percent, driven by a 4.5 percent increase in transactions and a 1.9 percent decrease in average ticket.
Net sales increased 9.8 percent to 11.2 billion dollars in 2023, while comparable sales increased 5.7 percent, driven by a 7.4 percent increase in transactions and a 1.5 percent decrease in average ticket.
“We closed out a strong 2023 with better-than-expected fourth quarter financial performance. Our compelling holiday plans and thoughtfully curated assortment resonated with our guests and delivered healthy traffic, record brand awareness, and strong member growth,” said Dave Kimbell, the company’s chief executive officer.
Ulta Beauty’s results in Q4 and 2023
The company’s fourth quarter gross profit increased 10.6 percent to 1.3 billion dollars and as a percentage of net sales, gross profit increased to 37.7 percent. Operating income increased 15.5 percent to 517.1 million dollars or 14.5 percent of net sales.
Net income for the quarter increased 15.7 percent to 394.4 million dollars and diluted earnings per share increased 21 percent to 8.08 dollars.
Full year gross profit increased 8.3 percent to 4.4 billion dollars and as a percentage of net sales, gross profit decreased to 39.1 percent.
Operating income increased 2.4 percent to 1.7 billion dollars in 2023, net income increased 3.9 percent to 1.3 billion dollars and diluted earnings per share increased 8.4 percent to 26.03 dollars.
Ulta Beauty plans 4 to 5 percent comparable sales growth for FY24
For fiscal 2024, the company forecasts net sales in the range of 11.7 billion dollars to 11.8 billion dollars, comparable sales to increase between 4 to 5 percent, operating margin in the range of 14 percent to 14.3 percent, and diluted earnings per share between 26.20 dollars to 27 dollars.
At the end of the fourth quarter, the company operated 1,385 stores.
“We are excited to announce the formation of a joint venture with Axo, a highly experienced operator of global brands, to launch and operate Ulta Beauty in Mexico in 2025,” added Kimbell.
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