Ulta expects a total of 60 to 65 net new stores in fiscal 2024. Credit: Gregory C Sanders/Shutterstock.

Beauty retailer Ulta Beauty has revealed plans to open 200 new stores up to 2027 – part of the long-term financial targets and strategy it announced on 16 October 2024 to drive profitable growth. 

Ulta Beauty aims to expand its current network of 1,411 retail locations, targeting a long-term goal of a more-than-1,800-store footprint. 

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In line with fiscal year 2024 projections, the retailer expects to inaugurate between 60 and 65 new stores and undertake 40 to 45 remodelling and relocation projects. 

In the first half of fiscal 2024, the company completed  26 net new store openings, as reported in its second quarter result in August. 

The acceleration of store openings is part of a broader strategy by Ulta to drive profitable growth and market share leadership with initiatives focusing on assortment, experience, access and loyalty.  

The retailer is also aiming to grow its loyalty programme membership to 50 million by 2028, enhance the in-store experience through investments in staff, service and events, and expand its product offerings. 

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In addition, Ulta has set targets for achieving 4% to 6% net sales growth and “low double-digit” diluted earnings-per-share growth for the year 2026 and beyond.  

It also expects operating profit growth to be in the mid-single digits with operating margins of around 12% of net sales.  

For fiscal year 2024, the retailer anticipates net sales between $11bn and $11.2bn with diluted earnings per share estimated at $22.60 to $23.50. 

Ulta Beauty CEO Dave Kimbell said: “The strategic priorities announced today are designed to amplify our differentiated model and drive relevant innovation to meet evolving guest needs, positioning Ulta Beauty as the destination for beauty enthusiasts for a lifetime. 

“We have consistently delivered exceptional results over time, and we are well positioned to build on this record of profitable growth and shareholder value creation. We remain confident in and excited about the future of Ulta Beauty.” 

In May 2024, Ulta Beauty expanded its partnership with DoorDash to offer on-demand delivery from 1,350 stores across the US.