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- **Revenue Beat Expectations**: 12.9% YoY growth driven by 6.3% comp sales, with fragrance and skincare leading categories.
- **Digital Momentum**: App engagement at 65% of online sales, UB Marketplace launched with 3,500 SKUs, and 1,000 ship-from-store locations.
- **Margin Challenges**: FY25 operating margin 10.8% (down 180bps YoY) due to 23.3% SG&A growth, but 2026 not expected to see further margin contraction.
- **Holiday Confidence**: Q4 comp guidance 2.5-3.5%, with focus on value-driven assortments and early gift drops.
- **Strategic Investments**: $87M capex in Q3 for stores and IT; 2026 to prioritize SG&A efficiency and gross margin stabilization.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 net sales of $2.9 billion, up 12.9% YoY, driven by 6.3% comparable sales growth. Fragrance, skincare, and makeup categories led growth with double-digit and mid-single-digit comps.
- **Strategic Initiatives**: Launched UB Marketplace with over 120 brands and 3,500 SKUs online. Expanded international presence with 7 new stores in Mexico and 1 in Kuwait. Digital sales grew mid-teen range, with app engagement at 65% of online sales.
- **Operational Excellence**: Reduced inventory shrink, improved guest satisfaction through in-store events (e.g., celebrity activations, 33,000+ events in Q3). Fragrance category expanded with 60%+ stores adding shelf space for holiday demand.
- **Holiday Outlook**: Confident in Q4 plans with Black Friday/Cyber Monday performance, but cautious on macroeconomic pressures. Focused on value-driven assortments and early gift drops.

**【CFO Financial Commentary】**
- **Financial Results**: Gross margin 40.4% (up 70bps YoY), driven by lower shrink and effective promotions. SG&A rose 23.3% to $841M, reflecting higher incentive comp, Space NK integration, and tech investments. Operating margin 10.8% (down 180bps YoY).
- **Updated Guidance**: Full-year net sales $12.3B (4.4-4.7% comp growth). Q4 EPS $7.61-$7.90, with 2.5-3.5% comp growth. FY25 EPS $25.20-$25.50, flat YoY due to margin pressure.
- **Long-Term Targets**: 12%+ EBIT margin achievable over time, with 2026 not expected to see further margin contraction. Focus on SG&A efficiency and gross margin stabilization.

**【Q&A Highlights】**
- **Pricing Trends**: Brands cautiously implementing price increases (e.g., Coty, Helen of Troy). Short-term COGS benefit from lower inventory costs, but long-term impact uncertain.
- **Digital Growth**: App engagement at 65% of online sales, with features like Replenish & Save and Venmo driving convenience. Ship-from-store expanded to 1,000 locations.
- **Space NK Integration**: Early stages of integration with Ulta Beauty, focusing on clienteling and High Street retail expertise. Gross margin 43%+ but not material to consolidated results.
- **SG&A Management**: 2025 a catch-up year for investments; 2026 to focus on efficiency. Amortization of cloud-based tech investments (e.g., marketplace, personalization) driving near-term expense pressure.
- **International Expansion**: Mexico and Middle East stores seeing strong guest response. Kuwait store featured exclusive launches and local brand curation.


Ulta Beauty, Inc. (ULTA) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ULTA

ULTA fundamentals

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