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Ulta Beauty Announces First Quarter 2025 Results

Net Sales increased by 4.5% to $2.8 billion, and net income reached $305.1 million.

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By: Rachel Klemovitch

Assistant Editor

Ulta Beauty announced its financial results for the first quarter, which ended on May 3, 2025.

Kecia Steelman, president and CEO, said, 

“Fiscal 2025 is off to an encouraging start with stronger-than-expected performance. Our Ulta Beauty Unleashed plan is resonating with guests, energizing our team, and fueling growth. The operating environment is fluid, and our outlook reflects uncertainty around how consumer demand could evolve.”

In Q1, net sales increased by 4.5% to $2.8 billion compared to $2.7 billion in the year prior. This was primarily from increased comparable sales and new store contributions. It was partially offset by a decrease in other revenue.

Net income was $305.1 million compared to $313.1 million in Q1 of 2024. Operating income was $401.8 million, or 14.1% of net sales, compared to $400.9 million, or 14.7% of net sales.

Merchandise inventories (net at the end of the Q1 2025) increased 11.3% to $2.1 billion compared to $1.9 billion at the end of the first quarter of fiscal 2024. 

The increase was primarily due to inventory to support new brand launches, strategic investments in key categories, and 56 net new stores.

During the first quarter of fiscal 2025, Ulta opened six new stores, remodeled four stores, and relocated two stores. 

At the end of the first quarter of fiscal 2025, the company operated 1,451 stores.

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Photo: Ian Dewar Photography/ Shutterstock.com

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