Ulta Beauty, Inc. (ULTA): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en la revolución minorista de belleza con Ulta Beauty, una potencia que ha transformado la forma en que los consumidores experimentan y compran cosméticos. De su innovador Ecosistema de belleza de 360 ​​grados Con un modelo de negocio meticulosamente elaborado que combina perfectamente experiencias minoristas digitales y físicas, Ulta ha redefinido las compras de belleza por millones. Al combinar estratégicamente extensos rangos de productos, servicios personalizados y un programa de lealtad de vanguardia, este gigante minorista ha forjado una posición única en el mercado competitivo de belleza que atrae todo, desde compradores informales hasta maquilladores profesionales.

Ulta Beauty, Inc. (ULTA) - Modelo de negocios: asociaciones clave

Fabricantes de marca cosmética y de belleza

Ulta Beauty mantiene asociaciones con más de 600 marcas de belleza, que incluyen:

Categoría de marca	Número de marcas	Contribución de ingresos
Marcas de prestigio	250+	42% de la cartera de marca total
Marcas emergentes	150+	18% de la cartera de marca total
Marcas exclusivas	25+	12% de la cartera de marca total

Compañías de tarjetas de crédito

Ulta Beauty se asocia con:

• MasterCard para la tarjeta de crédito Ulta Ultimate Rewards
• Miembros totales del programa de tarjeta de crédito: 29.3 millones a partir de enero de 2023
• Penetración de la tarjeta de crédito: 53.4% ​​de las ventas totales

Minoristas de centros comerciales y desarrolladores de centros comerciales

Estadísticas de ubicación de la tienda:

Tipo de ubicación	Número de tiendas	Porcentaje
Ubicaciones basadas en centros comerciales	725	68% del total de tiendas
Ubicaciones independientes	340	32% del total de tiendas

Proveedores de tecnología digital y plataforma de comercio electrónico

Las asociaciones de tecnología clave incluyen:

• Salesforce Commerce Cloud
• Cloud de Adobe Experience Cloud
• Ventas digitales: $ 2.3 mil millones en 2022
• Penetración de comercio electrónico: 38% de las ventas totales

Equipo de salón y proveedores profesionales de suministro de belleza

Asociaciones profesionales de suministro de belleza:

Categoría de proveedor	Número de asociaciones	Valor de adquisición anual
Equipo de cabello profesional	45+	$ 127 millones
Proveedores de suministro de salón	30+	$ 89 millones

Ulta Beauty, Inc. (Ulta) - Modelo de negocios: actividades clave

Venta de cosméticos y productos de belleza minoristas

A partir del tercer trimestre de 2023, Ulta Beauty opera 1.355 tiendas minoristas en los Estados Unidos. Las ventas netas totales para el año fiscal 2022 alcanzaron los $ 8.6 mil millones. La compañía ofrece aproximadamente 25,000 productos de más de 600 marcas en múltiples categorías de belleza.

Categoría de productos	Porcentaje de ventas
Constituir	44%
Protección de la piel	18%
Cabello	20%
Fragancia	12%
Baño & Cuerpo	6%

Gestión de la experiencia del cliente en línea y en la tienda

Las ventas digitales representaron el 35% de las ventas netas totales en el año fiscal 2022. La estrategia omnicanal de la compañía incluye:

• Visibilidad de inventario en tiempo real en tiendas en línea y física
• Compre en línea, recogida en la tienda (Bopis) Servicio
• Aplicación móvil con tecnología de prueba virtual

Curación y comercialización del producto de belleza

Ulta Beauty mantiene asociaciones exclusivas con más de 50 marcas y lanza aproximadamente 300 productos nuevos anualmente. La etiqueta privada de la compañía, Ultamate, representa el 10% de las ventas totales.

Desarrollo y gestión del programa de fidelización

El programa Ultamate Rewards tiene 39.4 millones de miembros activos a partir del tercer trimestre de 2023. Los miembros generan aproximadamente el 95% de las ventas totales de la compañía.

Nivel de membresía	Requisito de gasto anual
Miembro	$0
Platino	$500+
Diamante	$1,200+

Operaciones de la tienda digital y física

El tamaño promedio de la tienda es de 10,000 pies cuadrados. La estrategia de expansión de la tienda se dirige a 1.500 ubicaciones totales. La plataforma digital incluye el sitio web de comercio electrónico y la aplicación móvil con un tiempo de actividad del 99.5%.

• Inversión promedio de capital de la tienda: $ 1.2 millones por ubicación
• Presupuesto anual de mantenimiento de la tienda: $ 75 millones
• Inversión de tecnología anual de plataforma digital: $ 120 millones

Ulta Beauty, Inc. (ULTA) - Modelo de negocios: recursos clave

Extenso inventario de productos de belleza

A partir del cuarto trimestre de 2023, Ulta Beauty mantiene un inventario de más de 25,000 SKU en más de 600 marcas de belleza.

Categoría de inventario	Número de marcas	Porcentaje del inventario total
Marcas de prestigio	250	42%
Marcas de farmacia	200	33%
Marcas de propiedad de Ulta	15	25%

Programa de fidelización sofisticado

Estadísticas del programa Ultamate Rewards:

• Totales miembros: 39.4 millones a partir de enero de 2024
• Repita la tasa de compra: 92%
• Ingresos anuales generados a través del Programa de lealtad: $ 3.2 mil millones

Infraestructura minorista digital y física

Huella minorista a partir de 2024:

• Total de tiendas: 1.350 ubicaciones en 50 estados
• Plataforma de comercio electrónico: Ulta.com
• Descargas de aplicaciones móviles: 24.6 millones

Recursos humanos

Categoría de empleado	Número total	Horas de entrenamiento promedio
Asesores de belleza	12,500	40 horas anualmente
Profesionales de salón	5,600	60 horas anualmente

Reputación de la marca

Indicadores de desempeño financiero:

• Ingresos anuales (2023): $ 9.6 mil millones
• Capitalización de mercado: $ 22.3 mil millones
• Ranking de valor de marca: #1 en tiendas especializadas minoristas de belleza

Ulta Beauty, Inc. (Ulta) - Modelo de negocio: propuestas de valor

Experiencia de compra de belleza única

A partir del cuarto trimestre de 2023, Ulta Beauty opera 1.351 tiendas minoristas en 50 estados de EE. UU. Total de pies cuadrados minoristas: 12.9 millones de pies cuadrados. El inventario de productos abarca más de 25,000 SKU de más de 600 marcas de belleza.

Métrico	2023 datos
Total de tiendas minoristas	1,351
Skus de producto	25,000+
Marcas de belleza llevadas	600+

Amplia gama de puntos de precio del producto y marcas

Categorías de rango de precios:

• Brandas de prestigio: $ 20- $ 200
• Masstige Brands: $ 10- $ 50
• Marcas del mercado masivo: $ 3- $ 20

Servicios de belleza integrales

Ingresos de servicios en la tienda para 2023: $ 241 millones. Los servicios incluyen:

• Servicios de salón
• Consultas de maquillaje
• Tratamientos para el cuidado de la piel

Recomendaciones personalizadas de clientes

Métricas del programa de fidelización:

Estadística del programa de fidelización	2023 datos
Miembros de lealtad total	39.4 millones
Repita la tasa de compra	95%

Opciones de compra convenientes en línea y en la tienda

Rendimiento de comercio electrónico en 2023:

• Ventas en línea: $ 2.1 mil millones
• Crecimiento del canal digital: 15.2%
• Descargas de aplicaciones móviles: 4.3 millones

Ulta Beauty, Inc. (ULTA) - Modelo de negocios: relaciones con los clientes

Interacciones digitales y en la tienda personalizadas

A partir de 2024, Ulta Beauty opera 1.315 tiendas minoristas en los Estados Unidos. El enfoque omnicanal de la compañía integra puntos de contacto digitales y físicos para mejorar la experiencia del cliente.

Canal de interacción del cliente	Métricas de compromiso
Interacciones de plataforma digital	Más de 38.5 millones de miembros del programa de fidelización activa
Servicios de consulta en la tienda	Disponible en el 95% de las ubicaciones minoristas
Consultas de belleza en línea	Tecnología de prueba virtual utilizada por el 22% de los clientes digitales

Programa de lealtad integral con recompensas

El programa de lealtad de Ulta, Ultamate Rewards, proporciona estrategias integrales de participación del cliente.

• Miembros del programa de fidelización total: 38.5 millones
• Contribución de ingresos del programa de fidelización anual: 90% de las ventas totales
• Tasa de redención de puntos de recompensa: el 65% de los miembros usan activamente puntos

Consultas de productos de belleza y asesoramiento experto

ULTA ofrece consultas profesionales de belleza a través de múltiples canales.

Tipo de consulta	Disponibilidad
Consultas de belleza en la tienda	Servicios gratuitos en 1.315 ubicaciones minoristas
Asesoramiento de expertos en línea	Soporte digital 24/7 a través del sitio web y la aplicación móvil
Servicios profesionales de maquillaje	Disponible en el 80% de las ubicaciones de las tiendas

Aplicación móvil y compromiso de la comunidad en línea

Las plataformas digitales de Ulta impulsan la participación y las ventas del cliente.

• Descargas de aplicaciones móviles: 27.3 millones
• Aplicación móvil Usuarios activos mensuales: 15.6 millones
• Tasa de participación de la comunidad en línea: 42% de los clientes digitales

Comentarios continuos de los clientes y mejora de la experiencia

Ulta implementa mecanismos de comentarios de los clientes robustos.

Canal de retroalimentación	Métricas de respuesta
Tasa de respuesta de la encuesta de satisfacción del cliente	El 68% de los clientes proporcionan comentarios
Plataforma de revisión digital	Más de 1.2 millones de revisiones de productos recolectadas
Ciclos de mejora de la experiencia del cliente	Proceso de revisión sistemática trimestral

Ulta Beauty, Inc. (Ulta) - Modelo de negocios: canales

Tiendas minoristas físicas

A partir del tercer trimestre de 2023, Ulta Beauty opera 1.357 tiendas minoristas en los Estados Unidos. La compañía mantiene una importante presencia minorista física con un tamaño de tienda promedio de aproximadamente 10,000 pies cuadrados.

Métrica de almacenamiento	Número
Recuento total de tiendas	1,357
Tamaño promedio de la tienda	10,000 pies cuadrados
Estados con presencia	50

Sitio web de comercio electrónico

La plataforma de comercio electrónico de Ulta generó $ 1.8 mil millones en ventas netas durante el año fiscal 2022, lo que representa el 35.4% de las ventas totales de la compañía.

• Tasa de crecimiento de ventas digitales en 2022: 14.5%
• Tráfico web móvil: 70% del tráfico digital total
• Valor de pedido en línea promedio: $ 79

Aplicación de compras móviles

La aplicación Mobile Ulta Beauty tiene más de 38 millones de miembros activos a partir de 2023.

Métrica de rendimiento de la aplicación	Valor
Usuarios de aplicaciones activas totales	38 millones
Rango de descarga de aplicaciones (categoría de belleza)	Top 3

Plataformas de redes sociales

Ulta Beauty mantiene una fuerte presencia en las redes sociales en múltiples plataformas.

Plataforma	Recuento de seguidores
Instagram	4.2 millones
Tiktok	1.5 millones
Facebook	2.8 millones

Servicios y consultas de belleza en la tienda

ULTA ofrece servicios integrales de belleza en sus ubicaciones minoristas.

• Ubicaciones de servicio total en la tienda: más de 1,200
• Transacciones de servicio anuales: 25 millones
• Ingresos de servicio promedio por transacción: $ 45

Ulta Beauty, Inc. (ULTA) - Modelo de negocios: segmentos de clientes

Entusiastas de la belleza y profesionales

A partir del cuarto trimestre de 2023, el programa de lealtad de Ulta Beauty (Ultamate Rewards) tenía 39.4 millones de miembros activos. El programa genera aproximadamente el 95% de las ventas totales a través de estos clientes comprometidos.

Tipo de cliente	Porcentaje de la base de clientes	Gasto anual
Usuarios de belleza profesional	22%	$ 1,250 por año
Consumidores de belleza casual	78%	$ 450 por año

Consumidores milenarios y generales

Ulta Beauty se dirige a la demografía más joven con estrategias específicas:

• Los consumidores milenarios representan el 35% de la base total de clientes
• Los consumidores de Gen Z constituyen el 25% de la base total de clientes
• Tasa de participación digital para estos segmentos: 68%

Mujeres de ingresos medios a altos

Soporte de ingresos	Porcentaje del segmento de clientes	Valor de transacción promedio
$75,000 - $125,000	42%	$185
$125,000 - $250,000	28%	$275

Maquilladores profesionales

Ulta Beauty ofrece servicios especializados para maquilladores profesionales:

• Programa de descuento Pro cubre el 15% del segmento de clientes profesionales
• Gasto profesional anual promedio: $ 3,500
• La sección dedicada de suministro de belleza Pro genera $ 180 millones anuales

Coleccionistas de productos de belleza y seguidores de tendencias

Los datos del cliente de Ulta Beauty revelan:

Tendencia siguiente segmento	Métrica
Compras influenciadas en las redes sociales	47%
Tasa de prueba de nuevo producto	62%
Productos únicos promedio comprados anualmente	18 productos

Ulta Beauty, Inc. (ULTA) - Modelo de negocio: Estructura de costos

Adquisición y gestión de inventario

Costos de inventario anual para Ulta Beauty en 2023: $ 2.43 mil millones

Categoría de costos	Cantidad
Adquisición de inventario cosmético	$ 1.65 mil millones
Inventario de cuidado de la piel	$ 520 millones
Inventario de cuidado del cabello	$ 255 millones

Almacenar operaciones y mantenimiento

Gastos totales relacionados con la tienda en 2023: $ 1.12 mil millones

• Costos de alquiler y ocupación: $ 678 millones
• Servicios públicos y mantenimiento: $ 215 millones
• Equipo de almacenamiento y accesorios: $ 227 millones

Salarios y capacitación de los empleados

Gastos totales de personal para 2023: $ 1.37 mil millones

Categoría de empleado	Costo anual promedio
Salarios de personal minorista	$ 845 millones
Empleados corporativos	$ 392 millones
Capacitación y desarrollo	$ 133 millones

Infraestructura y tecnología digital

Inversiones de tecnología y plataforma digital en 2023: $ 287 millones

• Desarrollo de la plataforma de comercio electrónico: $ 124 millones
• Infraestructura: $ 93 millones
• Tecnología de marketing digital: $ 70 millones

Gastos de marketing y adquisición de clientes

Gastos de marketing total para 2023: $ 512 millones

Canal de marketing	Gasto
Marketing digital	$ 238 millones
Publicidad tradicional	$ 164 millones
Promoción del programa de fidelización	$ 110 millones

Ulta Beauty, Inc. (ULTA) - Modelo de negocios: flujos de ingresos

Venta de productos cosméticos y de belleza

Ventas netas totales para Ulta Beauty en el año fiscal 2023: $ 9.62 mil millones Ventas de categoría de belleza de prestigio: $ 4.3 mil millones Ventas de categoría de belleza masiva: $ 2.7 mil millones

Categoría de productos	Ingresos de ventas (2023)
Constituir	$ 3.8 mil millones
Protección de la piel	$ 1.9 mil millones
Cabello	$ 1.5 mil millones
Fragancia	$ 1.1 mil millones

Ingresos del servicio de salón y belleza

Ingresos anuales del servicio de salón: $ 382 millones Ticket de servicio de salón promedio: $ 45

Monetización del programa de fidelización

Miembros de Ulta Beauty Rewards: 41.4 millones de miembros activos Porcentaje de ventas de miembros del programa de fidelización: 95%

Venta de productos de etiqueta privada

• Ulta Beauty Collection Ventas anuales: $ 660 millones
• Porcentaje de ventas totales de la etiqueta privada: 6.8%

Transacciones de productos en línea y en la tienda

Canal de ventas	Porcentaje de ingresos
Ventas en la tienda	72%
Ventas en línea	28%

Ventas totales del canal digital para el año fiscal 2023: $ 2.69 mil millones

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).