Ulta Working To Combat Surging Retail Theft As Q1 Sales Rise 12.3%
Ulta Beauty says consumers are being more selective in their spending but show “continued willingness to splurge and treat themselves.” The company is implementing additional mitigation strategies in its stores – including placing fragrances in locked cabinets – to combat organized retail theft that is expected to slightly reduce its operating margins for the full year.
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Ulta Beauty will add to its Ulta-only collections in the fiscal 2023 third quarter, bringing on cosmetics brands developed by the founders of Too Faced and Puig’s Paco Rabanne, while growing its new luxe beauty platform, installed in 200 stores so far. Net sales in the second quarter rose 10%.
Growth over the last two years reflects new market dynamics and a growing connection between beauty and wellness, in addition to a return to sales following pandemic-related shutdowns, Ulta Beauty leaders said in a fourth-quarter sales and earnings presentation.
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