Ulta Beauty, Inc. reported a significant increase in financial performance for the fiscal year ending January 31, 2026, with net sales reaching $12.39 billion, a 9.7% increase from $11.30 billion in the previous fiscal year. The company's gross profit also rose to $4.85 billion, reflecting a gross margin of 39.1%, up from 38.8% in fiscal 2024. However, net income decreased to $1.15 billion from $1.20 billion, primarily due to a 17.4% rise in selling, general, and administrative (SG&A) expenses, which totaled $3.30 billion. The increase in SG&A expenses was attributed to higher incentive compensation, payroll, and corporate overhead costs.
In terms of operational developments, Ulta Beauty expanded its store footprint, operating 1,591 stores as of January 31, 2026, compared to 1,445 stores the previous year. This includes 1,505 stores in the U.S. and 86 Space NK stores in the U.K. and Ireland. The company also launched its UB Marketplace, an integrated online platform that offers a broader array of beauty and wellness products, which contributed to the overall sales growth. The loyalty program, Ulta Beauty Rewards, continued to play a crucial role, with over 46 million members contributing to approximately 95% of total sales.
Strategically, Ulta Beauty's acquisition of Space NK in July 2025 for $399.2 million has been a significant development, enhancing its international presence and product offerings. The company aims to leverage this acquisition to drive growth in the luxury beauty segment. Additionally, Ulta Beauty's focus on wellness products and the integration of beauty and wellness categories are expected to capture a growing market segment. The company has also emphasized its commitment to digital acceleration, enhancing its e-commerce capabilities to meet changing consumer preferences.
Looking ahead, Ulta Beauty's management has outlined a strategic plan, "Ulta Beauty Unleashed," which focuses on driving core business growth, scaling new businesses, and aligning its foundation for future success. The company anticipates continued growth in the beauty market, despite potential macroeconomic challenges such as inflation and changing consumer spending habits. The outlook remains positive, with expectations for ongoing investments in technology and store expansion to enhance customer experience and operational efficiency.
About Ulta Beauty, Inc.
Ulta Beauty is the largest specialty beauty retailer in the U.S., offering a wide assortment of cosmetics, skincare, haircare, fragrance, and salon services. It operates over 1,400 stores and a digital platform, providing personalized experiences, loyalty programs, and exclusive products. The company focuses on engaging beauty enthusiasts through omnichannel retail, strategic partnerships, and a differentiated product mix to drive long-term growth.
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