Business

Ulta Beauty's growth continues over fiscal year

Posted March 10, 2022 10:00 pm

BOLINGBROOK - Ulta Beauty Inc. reported financial results for its fourth quarter and full 2021 fiscal year, including a 40% increase in net sales as the economy recovers from pandemic shutdowns.

Net sales for the fiscal year, ended Jan. 29, increased to $8.6 billion compared to $6.2 billion in fiscal 2020. The increase was attributed to the favorable impact from improving consumer confidence, government stimulus payments and the easing of COVID-19 restrictions, the company said.

Gross profit increased to $3.4 billion compared to $1.9 billion in fiscal 2020.

During fiscal 2021, Ulta Beauty opened 48 new stores, relocated seven stores, remodeled nine stores, and closed four stores. The company now operates 1,308 stores.

"Our fiscal year ended with better-than-expected performance, reflecting excellent, enterprisewide execution against our fourth quarter plans as well as stronger consumer demand and the strength of Ulta Beauty's differentiated model," said Dave Kimbell, chief executive officer.

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