Ulta Beauty Raises Long-Term Store Target to 1,800+, Announces $3B Buyback

Ulta Beauty, Inc.

Plans to open 200 net new stores over next 3 years; long-term store target raised to 1,800+.
New $3B share repurchase authorization approved; replaces prior March 2024 authorization.
Long-term financial targets: 4-6% net sales growth, operating margins ~12%, low double-digit EPS growth.
Loyalty program target: 50M members by 2028, up from current base.
Reaffirms FY2024 guidance: net sales $11.0B-$11.2B, diluted EPS $22.60-$23.50, comparable sales -2% to 0%.

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