Ulta Beauty, Inc. (ULTA): Business Model Canvas

Tauchen Sie ein in die Revolution des Beauty-Einzelhandels mit Ulta Beauty, einem Kraftpaket, das die Art und Weise verändert hat, wie Verbraucher Kosmetika erleben und kaufen. Von seiner innovativen 360-Grad-Beauty-Ökosystem Mit einem sorgfältig ausgearbeiteten Geschäftsmodell, das digitale und physische Einzelhandelserlebnisse nahtlos miteinander verbindet, hat Ulta Beauty-Shopping für Millionen von Menschen neu definiert. Durch die strategische Kombination umfangreicher Produktpaletten, personalisierter Dienstleistungen und eines hochmodernen Treueprogramms hat sich dieser Einzelhandelsriese eine einzigartige Position auf dem hart umkämpften Beauty-Markt erarbeitet, der vom Gelegenheitskäufer bis zum professionellen Make-up-Künstler alles anzieht.

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Kosmetik- und Schönheitsmarken

Ulta Beauty unterhält Partnerschaften mit über 600 Beauty-Marken, darunter:

Markenkategorie	Anzahl der Marken	Umsatzbeitrag
Prestige-Marken	250+	42 % des gesamten Markenportfolios
Aufstrebende Marken	150+	18 % des gesamten Markenportfolios
Exklusive Marken	25+	12 % des gesamten Markenportfolios

Kreditkartenunternehmen

Ulta Beauty arbeitet mit:

• Mastercard für die Ulta Ultimate Rewards-Kreditkarte
• Gesamtzahl der Mitglieder des Kreditkartenprogramms: 29,3 Millionen, Stand Januar 2023
• Kreditkartendurchdringung: 53,4 % des Gesamtumsatzes

Mall-Einzelhändler und Entwickler von Einkaufszentren

Statistiken zum Filialstandort:

Standorttyp	Anzahl der Geschäfte	Prozentsatz
Mall-basierte Standorte	725	68 % der gesamten Geschäfte
Eigenständige Standorte	340	32 % der gesamten Geschäfte

Anbieter digitaler Technologie und E-Commerce-Plattformen

Zu den wichtigsten Technologiepartnerschaften gehören:

• Salesforce Commerce Cloud
• Adobe Experience Cloud
• Digitaler Umsatz: 2,3 Milliarden US-Dollar im Jahr 2022
• E-Commerce-Penetration: 38 % des Gesamtumsatzes

Anbieter von Salonausrüstung und professionellem Schönheitsbedarf

Professionelle Partnerschaften im Bereich Beauty-Versorgung:

Anbieterkategorie	Anzahl der Partnerschaften	Jährlicher Beschaffungswert
Professionelle Haarausrüstung	45+	127 Millionen Dollar
Anbieter von Salonbedarf	30+	89 Millionen Dollar

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Hauptaktivitäten

Einzelhandel mit Kosmetik- und Schönheitsprodukten

Im dritten Quartal 2023 betreibt Ulta Beauty 1.355 Einzelhandelsgeschäfte in den Vereinigten Staaten. Der Gesamtnettoumsatz für das Geschäftsjahr 2022 erreichte 8,6 Milliarden US-Dollar. Das Unternehmen bietet rund 25.000 Produkte von über 600 Marken in verschiedenen Beauty-Kategorien an.

Produktkategorie	Prozentsatz des Umsatzes
Make-up	44%
Hautpflege	18%
Haarpflege	20%
Duft	12%
Bad & Körper	6%

Online- und In-Store-Kundenerlebnismanagement

Der digitale Umsatz machte im Geschäftsjahr 2022 35 % des gesamten Nettoumsatzes aus. Die Omnichannel-Strategie des Unternehmens umfasst:

• Echtzeit-Bestandstransparenz in Online- und physischen Geschäften
• Online kaufen, Abholung im Geschäft (BOPIS)-Service
• Mobile App mit virtueller Anprobe-Technologie

Kuration und Merchandising von Schönheitsprodukten

Ulta Beauty unterhält exklusive Partnerschaften mit über 50 Marken und bringt jährlich etwa 300 neue Produkte auf den Markt. Die Eigenmarke des Unternehmens, ULTAmate, macht 10 % des Gesamtumsatzes aus.

Entwicklung und Verwaltung von Treueprogrammen

Das Ultamate Rewards-Programm hat im dritten Quartal 2023 39,4 Millionen aktive Mitglieder. Mitglieder erwirtschaften etwa 95 % des gesamten Unternehmensumsatzes.

Mitgliedschaftsstufe	Jährlicher Ausgabenbedarf
Mitglied	$0
Platin	$500+
Diamant	$1,200+

Betrieb digitaler und physischer Geschäfte

Die durchschnittliche Ladengröße beträgt 10.000 Quadratmeter. Die Filialerweiterungsstrategie zielt auf insgesamt 1.500 Standorte ab. Die digitale Plattform umfasst eine E-Commerce-Website und eine mobile Anwendung mit einer Verfügbarkeit von 99,5 %.

• Durchschnittliche Filialkapitalinvestition: 1,2 Millionen US-Dollar pro Standort
• Jährliches Budget für die Ladenwartung: 75 Millionen US-Dollar
• Jährliche Technologieinvestition in die digitale Plattform: 120 Millionen US-Dollar

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Schlüsselressourcen

Umfangreicher Bestand an Schönheitsprodukten

Im vierten Quartal 2023 verfügt Ulta Beauty über einen Bestand von über 25.000 Artikeln von über 600 Beauty-Marken.

Inventarkategorie	Anzahl der Marken	Prozentsatz des Gesamtbestands
Prestige-Marken	250	42%
Drogeriemarken	200	33%
Ulta-eigene Marken	15	25%

Anspruchsvolles Treueprogramm

Statistiken zum Ultimate Rewards-Programm:

• Gesamtzahl der Mitglieder: 39,4 Millionen Stand Januar 2024
• Wiederholungskaufrate: 92 %
• Durch das Treueprogramm generierter Jahresumsatz: 3,2 Milliarden US-Dollar

Digitale und physische Einzelhandelsinfrastruktur

Einzelhandels-Fußabdruck ab 2024:

• Gesamtzahl der Filialen: 1.350 Standorte in 50 Bundesstaaten
• E-Commerce-Plattform: ulta.com
• Downloads mobiler Apps: 24,6 Millionen

Personalwesen

Mitarbeiterkategorie	Gesamtzahl	Durchschnittliche Schulungsstunden
Schönheitsberater	12,500	40 Stunden jährlich
Salonprofis	5,600	60 Stunden jährlich

Markenreputation

Finanzielle Leistungsindikatoren:

• Jahresumsatz (2023): 9,6 Milliarden US-Dollar
• Marktkapitalisierung: 22,3 Milliarden US-Dollar
• Markenwert-Ranking: Nr. 1 in Fachgeschäften für den Kosmetikeinzelhandel

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Wertversprechen

Beauty-Shopping-Erlebnis aus einer Hand

Im vierten Quartal 2023 betreibt Ulta Beauty 1.351 Einzelhandelsgeschäfte in 50 US-Bundesstaaten. Gesamtverkaufsfläche: 12,9 Millionen Quadratmeter. Produktinventar mit über 25.000 SKUs von über 600 Beauty-Marken.

Metrisch	Daten für 2023
Gesamtzahl der Einzelhandelsgeschäfte	1,351
Produkt-SKUs	25,000+
Beauty-Marken im Angebot	600+

Große Auswahl an Produktpreisen und Marken

Preiskategorien:

• Prestigemarken: 20–200 $
• Masstige-Marken: 10–50 $
• Massenmarktmarken: 3–20 $

Umfassende Schönheitsdienstleistungen

Umsatz mit In-Store-Services für 2023: 241 Millionen US-Dollar. Zu den Dienstleistungen gehören:

• Salondienstleistungen
• Make-up-Beratungen
• Hautpflegebehandlungen

Personalisierte Kundenempfehlungen

Kennzahlen zum Treueprogramm:

Statistik des Treueprogramms	Daten für 2023
Total Loyalty-Mitglieder	39,4 Millionen
Wiederholungskaufrate	95%

Bequeme Online- und In-Store-Einkaufsmöglichkeiten

E-Commerce-Leistung im Jahr 2023:

• Online-Umsatz: 2,1 Milliarden US-Dollar
• Wachstum digitaler Kanäle: 15,2 %
• Downloads mobiler Apps: 4,3 Millionen

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Kundenbeziehungen

Personalisierte digitale und In-Store-Interaktionen

Im Jahr 2024 betreibt Ulta Beauty 1.315 Einzelhandelsgeschäfte in den Vereinigten Staaten. Der Omnichannel-Ansatz des Unternehmens integriert digitale und physische Touchpoints, um das Kundenerlebnis zu verbessern.

Kundeninteraktionskanal	Engagement-Kennzahlen
Interaktionen mit digitalen Plattformen	Über 38,5 Millionen aktive Mitglieder des Treueprogramms
Beratungsdienste im Geschäft	Erhältlich in 95 % der Einzelhandelsstandorte
Online-Beauty-Beratungen	Virtuelle Anprobe-Technologie wird von 22 % der digitalen Kunden genutzt

Umfangreiches Treueprogramm mit Prämien

Das Treueprogramm von Ulta, Ultamate Rewards, bietet umfassende Strategien zur Kundenbindung.

• Gesamtzahl der Mitglieder des Treueprogramms: 38,5 Millionen
• Jährlicher Umsatzbeitrag des Treueprogramms: 90 % des Gesamtumsatzes
• Einlösequote für Prämienpunkte: 65 % der Mitglieder nutzen Punkte aktiv

Beratung zu Schönheitsprodukten und Expertenrat

Ulta bietet professionelle Schönheitsberatung über mehrere Kanäle an.

Beratungstyp	Verfügbarkeit
Schönheitsberatung im Geschäft	Kostenlose Services in 1.315 Einzelhandelsstandorten
Online-Expertenberatung	Digitaler Support rund um die Uhr über Website und mobile App
Professionelle Make-up-Artist-Dienstleistungen	Erhältlich in 80 % der Filialen

Mobile App und Online-Community-Engagement

Die digitalen Plattformen von Ulta fördern die Kundenbindung und den Umsatz.

• Downloads mobiler Apps: 27,3 Millionen
• Monatlich aktive Nutzer der mobilen App: 15,6 Millionen
• Online-Community-Engagement-Rate: 42 % der digitalen Kunden

Kontinuierliches Kundenfeedback und Verbesserung der Erfahrung

Ulta implementiert robuste Kundenfeedbackmechanismen.

Feedback-Kanal	Antwortmetriken
Antwortrate der Kundenzufriedenheitsumfrage	68 % der Kunden geben Feedback
Digitale Bewertungsplattform	Über 1,2 Millionen Produktbewertungen gesammelt
Zyklen zur Verbesserung der Kundenerfahrung	Vierteljährlicher systematischer Überprüfungsprozess

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Kanäle

Physische Einzelhandelsgeschäfte

Im dritten Quartal 2023 betreibt Ulta Beauty 1.357 Einzelhandelsgeschäfte in den Vereinigten Staaten. Das Unternehmen unterhält eine bedeutende physische Einzelhandelspräsenz mit einer durchschnittlichen Ladengröße von etwa 10.000 Quadratmetern.

Store-Metrik	Nummer
Gesamtzahl der Filialen	1,357
Durchschnittliche Ladengröße	10.000 Quadratfuß
Staaten mit Präsenz	50

E-Commerce-Website

Die E-Commerce-Plattform von Ulta erwirtschaftete im Geschäftsjahr 2022 einen Nettoumsatz von 1,8 Milliarden US-Dollar, was 35,4 % des Gesamtumsatzes des Unternehmens entspricht.

• Wachstumsrate des digitalen Umsatzes im Jahr 2022: 14,5 %
• Mobiler Web-Traffic: 70 % des gesamten digitalen Traffics
• Durchschnittlicher Online-Bestellwert: 79 $

Mobile Shopping-Anwendung

Die mobile Ulta Beauty-App hat im Jahr 2023 über 38 Millionen aktive Mitglieder.

App-Leistungsmetrik	Wert
Gesamtzahl der aktiven App-Benutzer	38 Millionen
App-Download-Rang (Beauty-Kategorie)	Top 3

Social-Media-Plattformen

Ulta Beauty unterhält eine starke Social-Media-Präsenz auf mehreren Plattformen.

Plattform	Anzahl der Follower
Instagram	4,2 Millionen
TikTok	1,5 Millionen
Facebook	2,8 Millionen

Schönheitsdienstleistungen und Beratungen im Geschäft

Ulta bietet in seinen Einzelhandelsstandorten umfassende Schönheitsdienstleistungen an.

• Gesamtzahl der Servicestandorte im Geschäft: 1.200+
• Jährliche Servicetransaktionen: 25 Millionen
• Durchschnittlicher Serviceumsatz pro Transaktion: 45 $

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Kundensegmente

Beauty-Enthusiasten und Profis

Im vierten Quartal 2023 hatte das Treueprogramm von Ulta Beauty (Ultamate Rewards) 39,4 Millionen aktive Mitglieder. Das Programm generiert etwa 95 % des Gesamtumsatzes über diese engagierten Kunden.

Kundentyp	Prozentsatz des Kundenstamms	Jährliche Ausgaben
Professionelle Beauty-Anwender	22%	1.250 $ pro Jahr
Gelegenheits-Schönheitskonsumenten	78%	450 $ pro Jahr

Millennials und Verbraucher der Generation Z

Ulta Beauty richtet sich mit spezifischen Strategien an jüngere Zielgruppen:

• Millennial-Konsumenten machen 35 % des gesamten Kundenstamms aus
• Verbraucher der Generation Z machen 25 % des gesamten Kundenstamms aus
• Digitale Engagementrate für diese Segmente: 68 %

Frauen mit mittlerem bis höherem Einkommen

Einkommensklasse	Prozentsatz des Kundensegments	Durchschnittlicher Transaktionswert
$75,000 - $125,000	42%	$185
$125,000 - $250,000	28%	$275

Professionelle Maskenbildner

Ulta Beauty bietet spezialisierte Dienstleistungen für professionelle Visagisten:

• Das Pro-Rabattprogramm deckt 15 % des professionellen Kundensegments ab
• Durchschnittliche jährliche Berufsausgaben: 3.500 $
• Die spezielle Pro-Beauty-Versorgungsabteilung erwirtschaftet jährlich 180 Millionen US-Dollar

Sammler und Trendfolger von Schönheitsprodukten

Die Kundendaten von Ulta Beauty verraten:

Trendfolgesegment	Metriken
Social Media beeinflusste Käufe	47%
Testpreis für neue Produkte	62%
Durchschnittlich jährlich gekaufte einzigartige Produkte	18 Produkte

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Kostenstruktur

Bestandsbeschaffung und -verwaltung

Jährliche Lagerkosten für Ulta Beauty im Jahr 2023: 2,43 Milliarden US-Dollar

Kostenkategorie	Betrag
Beschaffung von Kosmetikbeständen	1,65 Milliarden US-Dollar
Hautpflege-Inventar	520 Millionen Dollar
Haarpflege-Inventar	255 Millionen Dollar

Ladenbetrieb und -wartung

Gesamtausgaben im Zusammenhang mit den Filialen im Jahr 2023: 1,12 Milliarden US-Dollar

• Miete und Betriebskosten: 678 Millionen US-Dollar
• Versorgungs- und Wartungskosten: 215 Millionen US-Dollar
• Ladenausstattung und -ausstattung: 227 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Gesamtpersonalaufwand für 2023: 1,37 Milliarden US-Dollar

Mitarbeiterkategorie	Durchschnittliche jährliche Kosten
Gehälter für Einzelhandelsmitarbeiter	845 Millionen Dollar
Unternehmensmitarbeiter	392 Millionen US-Dollar
Schulung und Entwicklung	133 Millionen Dollar

Digitale Infrastruktur und Technologie

Investitionen in Technologie und digitale Plattformen im Jahr 2023: 287 Millionen US-Dollar

• Entwicklung einer E-Commerce-Plattform: 124 Millionen US-Dollar
• IT-Infrastruktur: 93 Millionen US-Dollar
• Digitale Marketingtechnologie: 70 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Gesamte Marketingausgaben für 2023: 512 Millionen US-Dollar

Marketingkanal	Ausgaben
Digitales Marketing	238 Millionen Dollar
Traditionelle Werbung	164 Millionen Dollar
Förderung des Treueprogramms	110 Millionen Dollar

Ulta Beauty, Inc. (ULTA) – Geschäftsmodell: Einnahmequellen

Verkauf von Kosmetik- und Schönheitsprodukten

Gesamtnettoumsatz von Ulta Beauty im Geschäftsjahr 2023: 9,62 Milliarden US-Dollar Umsatz in der Prestige-Schönheitskategorie: 4,3 Milliarden US-Dollar Umsatz in der Kategorie „Massenkosmetik“: 2,7 Milliarden US-Dollar

Produktkategorie	Umsatzerlöse (2023)
Make-up	3,8 Milliarden US-Dollar
Hautpflege	1,9 Milliarden US-Dollar
Haarpflege	1,5 Milliarden US-Dollar
Duft	1,1 Milliarden US-Dollar

Einnahmen aus Salon- und Schönheitsdienstleistungen

Jährlicher Umsatz mit Salondienstleistungen: 382 Millionen US-Dollar Durchschnittliches Ticket für den Salonservice: 45 $

Monetarisierung von Treueprogrammen

Ulta Beauty Rewards-Mitglieder: 41,4 Millionen aktive Mitglieder Prozentsatz der Verkäufe durch Treueprogramm-Mitglieder: 95 %

Verkauf von Private-Label-Produkten

• Jahresumsatz der Ulta Beauty Collection: 660 Millionen US-Dollar
• Anteil der Eigenmarken am Gesamtumsatz: 6,8 %

Online- und In-Store-Produkttransaktionen

Vertriebskanal	Umsatzprozentsatz
Verkauf im Laden	72%
Online-Verkauf	28%

Gesamtumsatz digitaler Kanäle für das Geschäftsjahr 2023: 2,69 Milliarden US-Dollar

Ulta Beauty, Inc. (ULTA) - Canvas Business Model: Value Propositions

Unique mass-to-prestige product assortment in a single destination.

Ulta Beauty, Inc. delivers a comprehensive selection spanning the entire beauty spectrum, which the market refers to as 'masstige,' or the mix of mass-produced and prestige offerings. This strategy is proving resilient, as both mass and prestige product segments posted mid single-digit gains in comparable sales for the third quarter of fiscal 2025. Fragrance was the top performer, achieving double-digit comp growth in Q3 2025. Skincare followed with a high single-digit comp advance. For the first six months of fiscal 2025, the category mix showed Cosmetics at 38% of total sales, Skincare & Wellness at 25%, and Haircare at 19%.

The company continues to expand its offering depth, introducing 24 new brands during the second quarter of fiscal 2025. Furthermore, the UB Marketplace online platform features over 120 brands, enhancing the breadth of the assortment available digitally.

Experiential retail via in-store services, salons, and consultations.

The professional salon services component of Ulta Beauty, Inc.'s physical footprint contributes directly to the value proposition. In the third quarter of fiscal 2025, the services category posted mid-single-digit comparable sales growth. The company operates approximately 1,500 freestanding stores across the U.S. as of Q3 2025, which serve as hubs for these in-person experiences.

High-value loyalty program with personalized rewards and offers.

The Ulta Beauty Rewards program is a core differentiator, treating its loyalty infrastructure as an operational engine. As of the third quarter of fiscal 2025, the program reached 46.3 million active members, representing a 4% year-over-year growth in membership. This program is responsible for generating over 95% of the company's total sales. The structure adheres to an 80/20 principle, where the top 20% of members drive 80% of the revenue. The company has a stated goal to grow this base to 50 million members by 2028.

Seamless omnichannel experience across app, e-commerce, and physical stores.

Ulta Beauty, Inc. leverages its physical presence with digital capabilities to create a unified shopping journey. In the first quarter of fiscal 2025, e-commerce sales grew by 10%. The mobile application is a significant driver, with 60% of online sales originating from the app during that same quarter. The overall comparable sales growth for Q3 2025 was 6.3%, fueled by both higher traffic and ticket size, with e-commerce showing standout double-digit growth in that period. The total retail footprint includes 1,500 U.S. stores and an additional 84 Space NK stores in the UK and Ireland as of late 2025.

Continuous newness and exclusive product launches (e.g., K-beauty, wellness).

Driving continuous excitement through newness is key to engagement. For instance, the company ran Cyber Monday deals featuring viral Korean beauty brands like Medicube and Anua. The focus on wellness is reflected in the Skincare & Wellness category contributing 25% to sales in the first half of fiscal 2025.

Here is a snapshot of key financial and operational metrics underpinning these value propositions as of late 2025:

Metric	Value/Amount	Period/Context
Fiscal 2025 Net Sales Guidance (Updated)	$12.3 billion	Full Year 2025 Projection
Q3 2025 Net Sales	$2.9 billion	Third Quarter Fiscal 2025
Q3 2025 Comparable Sales Growth	6.3%	Third Quarter Fiscal 2025
Ulta Beauty Rewards Active Members	46.3 million	As of Q3 2025
Loyalty Program Sales Contribution	Over 95%	Of Total Sales
Fiscal 2025 Full-Year EPS Guidance	$25.20 to $25.50	Full Year 2025 Projection
Q3 2025 Diluted EPS	$5.14	Third Quarter Fiscal 2025
Q3 2025 Gross Margin	40.4%	Of Net Sales
Total U.S. Stores	Approx. 1,500	As of Q3 2025

The company's ability to drive traffic and ticket size is evident in the Q3 2025 comparable sales increase, which was driven by a 3.8% rise in average ticket and a 2.4% rise in transactions.

• Q1 2025 E-commerce Sales Growth: 10%.
• Percentage of Online Sales from App (Q1 2025): 60%.
• Space NK Stores (International): 84 locations in the UK and Ireland.
• Loyalty Member Goal: 50 million by 2028.
• Q3 2025 Category Growth (Fragrance): Double-digit comps.

Ulta Beauty, Inc. (ULTA) - Canvas Business Model: Customer Relationships

You're looking at how Ulta Beauty, Inc. keeps its massive customer base engaged-it's all about making the relationship feel personal, even at scale. The core of this is the Ulta Beauty Rewards program, which is definitely the engine room for customer interaction.

Automated personalization via AI-driven recommendations and tailored offers

Ulta Beauty, Inc. has made significant investments to centralize its customer data, stitching together information from emails, loyalty activity, and in-store visits into unified profiles. This data feeds advanced artificial intelligence and machine learning models designed to predict what you'll want next and send personalized recommendations in near real-time. This focus on data-driven, automated personalization has yielded impressive results for the company.

Here are the hard numbers showing the impact of this strategy:

Metric	Value (Late 2025)
Active Loyalty Program Members	46.3 million
Loyalty Program Contribution to Total Sales	Over 95%
Repeat Customer Rate Attributed to AI Personalization	95%
Consumer Demand for AI Shopping Experiences	51%
Online Member Sales Driven by App Engagement	65%

The company is looking beyond immediate transactions, aiming to solve the harder equation of optimizing for customer lifetime value by providing content that builds shopping habits and loyalty even when you aren't buying right away. To be fair, this level of personalization is becoming the expectation; 58% of beauty brands are prioritizing it in their loyalty strategies.

Dedicated one-to-one service through in-store beauty experts and stylists

While the digital experience is powerful, the physical store remains a cornerstone of the relationship, accounting for 80% of total sales in the third quarter of fiscal 2025. Ulta Beauty, Inc. supports this with a physical footprint of 1,500 Ulta Beauty stores across the U.S. Dedicated service comes through in-store offerings that require expert interaction. These include signature services like the Brow Bar and full-spectrum in-store salon services for cuts, coloring, and treatments, which provide a convenient, accessible touchpoint for professional advice and service.

Self-service digital support channels, including 24/7 live chat

For immediate digital needs, Ulta Beauty, Inc. has focused on making support seamless across its platforms. You can now access 24/7 live chat assistance, which is part of the enhanced online customer support structure. This complements the mobile app experience, where 65% of online member sales occur, suggesting a high level of digital self-service adoption for purchasing.

Community building through in-store events and social media engagement

Community building is key to driving traffic and engagement, especially for the massive loyalty base. Ulta Beauty, Inc. is planning to host over 70,000 in-store events for 2025. These events, which include product demonstrations and beauty consultations, are designed to create immersive, educational experiences that drive foot traffic. The success of exclusive brand launches, like Beyoncé's Cécred line, is directly tied to this community, as the launch leveraged the power of the 46.3 million loyalty members to scale successfully in just a few months. Furthermore, the overall transaction growth in Q3 2025, which rose by 2.4%, shows that customers are actively coming in and engaging with the brand across channels.

Finance: draft 13-week cash view by Friday.

Ulta Beauty, Inc. (ULTA) - Canvas Business Model: Channels

You're mapping out the distribution footprint for Ulta Beauty, Inc. (ULTA) as of late 2025, and the physical and digital presence is quite layered. It's not just one store type; it's a mix of owned, partnered, and digital channels driving sales.

Standalone Ulta Beauty Stores

The core of the channel strategy remains the fleet of dedicated brick-and-mortar locations across the U.S. As of the 10-Q filing date of November 1, 2025, Ulta Beauty, Inc. operated 1,500 Retail stores across 50 states. For the first nine months of fiscal 2025, the company opened 58 new stores, relocated 4, remodeled 24, and closed 3, resulting in the 1,500 U.S. store count, which totaled 15.6 million-sq.-ft. across the U.S. A slightly later count places the U.S. store count at 1,506 as of November 18, 2025. These physical hubs are crucial for the full-service experience, including salon offerings.

Here's a look at the typical physical scale:

Metric	Value	Context/Date
Total U.S. Stores (as of Nov 1, 2025)	1,500	10-Q filing date
Total U.S. Stores (as of Nov 18, 2025)	1,506	Latest reported count
Total U.S. Square Footage (as of 9M FY2025)	15.6 million-sq.-ft.	U.S. locations only
Typical Store Size	~10,000 sq ft	Includes salon space
Typical Salon Space within Store	~950 sq ft	Part of typical store size

Store performance contributed to the overall comparable sales growth.

• Comp store growth in Q3 FY2025 was in the mid-single-digit range.
• Overall comparable sales (stores + e-commerce) rose 6.3% in Q3 FY2025.

The typical store size is about 10,000 square feet. That's a lot of real estate dedicated to beauty.

E-commerce Platform and Mobile Application

The digital presence, encompassing Ulta.com and the dedicated mobile application, is a significant growth engine. Digital sales saw mid-teens growth in the third quarter of fiscal 2025. The company boasts a record 46.3 million loyalty members as of Q3 FY2025, many of whom transact digitally. The app experience is clearly resonating with guests.

Digital channel metrics show strong adoption:

• E-commerce sales growth in Q3 FY2025 was in the mid-teens percentage range.
• 65% of online member transactions now occur via the mobile application.
• The loyalty program reached 46.3 million members in Q3 FY2025.

Management specifically pointed to strength in e-commerce as a key driver of the overall 6.3% comparable sales increase for the quarter.

International Stores via Joint Venture and Franchise

Ulta Beauty, Inc. is executing its first expansion outside the U.S. in 35 years, using partnerships for entry into new territories. This international push includes a joint venture in Mexico and franchise agreements in the Middle East. The Mexico expansion is being done in partnership with retail company Axo. The plan for Mexico included opening a total of nine locations across the country in 2025. In the Middle East, the first location opened in Kuwait via a franchise agreement. The company also operates 84 Space NK stores in the U.K. and Ireland, which was acquired earlier in 2025.

International footprint details as of late 2025:

Market	Structure	2025 Store Target/Status
Mexico	Joint Venture (with Axo)	Targeting 9 locations in 2025
Middle East	Franchise	First location opened in Kuwait
U.K. and Ireland	Subsidiary (Space NK)	84 stores operated

These international moves are positioned as long-term growth drivers.

Shop-in-Shop Format (Ulta Beauty at Target)

The strategic shop-in-shop format inside Target stores is winding down, but it still represents a significant channel through the end of the agreement. The partnership is set to conclude when the current agreement ends in August 2026. As of mid-2025, Ulta Beauty was present in 600 of Target's roughly 1,980 stores. This represented nearly a third of Target's locales at one point. The decision was made to concentrate on sales through its own 1,500 stores and website moving forward.

Key figures for the Target partnership:

• Partnership end date: August 2026.
• Number of shop-in-shops active (mid-2025): 600 to 610.
• Shop size: Approximately 1,000 square feet.

The agreement allowed for linked loyalty accounts until the dissolution date. The company is focusing its resources on its owned channels now.

Ulta Beauty, Inc. (ULTA) - Canvas Business Model: Customer Segments

You're looking at the core groups Ulta Beauty, Inc. targets to drive its growth, which is clearly reflected in their latest financial performance. The sheer scale of their loyalty base is a huge indicator of how they segment and retain these customers.

• Beauty Enthusiasts seeking variety, newness, and services.
• Value-Conscious Shoppers focused on mass brands and loyalty program benefits.
• Prestige Consumers drawn to high-end brands and exclusive launches.
• Multicultural Consumers targeted by inclusive marketing and BIPOC-owned brands (over 11% of shelf space).

The Value-Conscious Shoppers segment is deeply embedded in the Ulta Beauty Rewards ecosystem. As of the third quarter of fiscal 2025, this program boasted a record 46.3 million active members. Honestly, that scale is what makes the program so powerful; it contributes to over 95% of total sales. This group is highly responsive to the value proposition that allows them to trade across price points, which is key when consumers feel pressured.

The Prestige Consumers are clearly engaged, as evidenced by the overall sales momentum. In the third quarter of fiscal 2025, Ulta Beauty, Inc. reported net sales of $2.9 billion, with comparable sales growing 6.3%. Management noted market share gains across both mass and prestige categories. For the first six months of fiscal 2025, the company saw total net sales of $5.6 billion. The mix of offerings clearly appeals to both ends of the spectrum, a strategy that helps them navigate economic uncertainty.

To show you the financial split of these segments, here's how the categories broke down in the second quarter of fiscal 2025. This gives you a clearer picture of where the revenue is actually coming from right now:

Category Segment	Approximate Percentage of Net Sales (Q2 FY2025)
Cosmetics	38%
Skincare & Wellness	25%
Haircare	19%
Fragrance and Bath	13%
Services	4%
Accessories and Other	2%

The Beauty Enthusiasts are captured not just by product assortment but by the in-store experience, including services. Those services accounted for 4% of net sales in the second quarter of fiscal 2025. Furthermore, the growth in transactions, up 2.4% in Q3 2025, suggests that traffic is still being driven by shoppers looking for the full, experiential offering Ulta Beauty, Inc. provides, including salon appointments.

For the Multicultural Consumers, the commitment to an inclusive assortment is a strategic imperative. While the specific shelf space percentage for late 2025 is stated as over 11%, the company has made significant financial commitments to support these brands. For example, in prior years, Ulta Beauty, Inc. announced a $50 million investment in DEI, which included substantial marketing support for Black-owned, founded, and led brands. The average ticket size across all segments grew 3.8% in Q3 2025, showing that even budget-conscious shoppers are spending more per visit when they find products that resonate with them.

Ulta Beauty, Inc. (ULTA) - Canvas Business Model: Cost Structure

You're looking at the major costs Ulta Beauty, Inc. incurs to run its operations as of late 2025. These figures come directly from their third quarter fiscal 2025 filings.

The largest component of cost tied directly to sales is the Cost of Goods Sold (COGS). For the thirteen-week period ended November 1, 2025, the Gross profit was reported at 40.4% of net sales. This means the Cost of Goods Sold was approximately 59.6% of net sales (Q3 2025). This margin performance reflects operational wins like lower inventory shrink and higher merchandise margin, partially offset by unfavorable channel mix.

Operating expenses are dominated by Selling, General, and Administrative (SG&A) costs. In the third quarter of fiscal 2025, Ulta Beauty, Inc. reported SG&A expenses of $840.9 million. This represented 29.4% of net sales for the quarter, an increase from 27.0% in the prior year period.

The increase in SG&A is driven by several key areas that you need to account for in your analysis:

• Store payroll and benefits costs.
• Higher incentive compensation, reflecting better-than-planned performance.
• Store expenses.
• Amortization of cloud-based software investments.

Investment in the physical and digital footprint is a significant capital outlay. For Q3 2025, Capital expenditures totaled $87 million. This spending was mostly directed toward investments in new and existing stores, plus necessary IT systems to support the digital experience.

Marketing and advertising spend is embedded within SG&A, but its impact is visible through customer engagement metrics. Ulta Beauty, Inc. achieved a record 46.3 million loyalty members in the third quarter, marking a 4% year-over-year growth. These bold marketing efforts are clearly resonating with guests, driving sales across all categories.

Here is a quick look at the key third quarter 2025 financial metrics that define the cost side of the business:

Cost Component	Amount / Percentage (Q3 2025)	Context
Cost of Goods Sold (as % of Net Sales)	59.6%	Derived from 40.4% Gross Profit Margin.
Selling, General, and Administrative (SG&A) Expenses	$840.9 million	Increased 23.3% year-over-year.
SG&A as Percentage of Net Sales	29.4%	Up from 27.0% in Q3 2024.
Capital Expenditures	$87 million	Primarily for new/existing stores and IT systems.
Loyalty Members	46.3 million	Reflects marketing and loyalty program investment.

To be fair, the rise in SG&A, particularly incentive compensation, is a direct result of the company exceeding its own performance expectations. Finance: draft 13-week cash view by Friday.

Ulta Beauty, Inc. (ULTA) - Canvas Business Model: Revenue Streams

You're looking at the top line for Ulta Beauty, Inc. as of late 2025, and the numbers show a clear reliance on product sales, though the mix is shifting. The company has issued full-year Fiscal 2025 Net Sales guidance pegged at approximately $12.3 billion. To give you a recent snapshot, for the thirteen weeks ended November 1, 2025, Ulta Beauty, Inc. recorded Net Sales of $2.9 billion.

The core product sales-cosmetics, skincare, haircare, and fragrance-drive the vast majority of this revenue. Here's how the revenue streams broke down during that strong third quarter:

Revenue Component	Percentage of Q3 2025 Net Sales
Cosmetics	39%
Skincare	23%
Haircare Products and Styling Tools	19%
Fragrance and Bath	13%
Services	4%
Accessories and Other	2%

That table shows the product categories, but you also need to account for the in-store salon and beauty services revenue, which represented 4% of the third quarter's total net sales. It's a smaller piece, but it keeps traffic in the door.

Digital is definitely a growth engine right now. E-commerce sales showed accelerating growth in the third quarter of Fiscal 2025, specifically reporting growth in the mid-teens. This digital strength contributed to the overall Comparable Sales increase of 6.3% reported for the quarter.

Other revenue streams, while smaller, are important for margin stability. These include revenue generated from the company's credit card program and fees from brand co-op arrangements. You should also note the royalties collected through the Target partnership, which is set to conclude in 2026.

• Credit card program revenue.
• Brand co-op fees.
• Royalties from the Target partnership (winding down by 2026).