Ulta Beauty, Inc. (ULTA): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans la Beauty Retail Revolution avec Ulta Beauty, une centrale qui a transformé la façon dont les consommateurs éprouvent et achètent des cosmétiques. De son innovant Écosystème de beauté à 360 degrés À un modèle commercial méticuleusement conçu qui mélange de manière transparente les expériences de vente au détail numériques et physiques, Ulta a redéfini les achats de beauté pour des millions. En combinant stratégiquement les gammes de produits étendues, des services personnalisés et un programme de fidélité de pointe, ce géant de la vente au détail a creusé une position unique sur le marché de la beauté concurrentiel qui attire tout, des acheteurs occasionnels aux maquilleurs professionnels.

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: partenariats clés

Fabricants de marques cosmétiques et de beauté

Ulta Beauty maintient des partenariats avec plus de 600 marques de beauté, notamment:

Catégorie de marque	Nombre de marques	Contribution des revenus
Marques de prestige	250+	42% du portefeuille de marques totales
Marques émergentes	150+	18% du portefeuille de marques totales
Marques exclusives	25+	12% du portefeuille de marques totales

Sociétés de cartes de crédit

Ulta Beauty s'associe à:

• MasterCard pour Ulta Ultimate Rewards Credit Card
• Membres du programme de carte de crédit total: 29,3 millions à partir de janvier 2023
• Pénétration de la carte de crédit: 53,4% du total des ventes

Détaillants du centre commercial et développeurs de centres commerciaux

Statistiques de l'emplacement du stockage:

Type d'emplacement	Nombre de magasins	Pourcentage
Emplacements basés sur le centre commercial	725	68% du total des magasins
Emplacements autonomes	340	32% du total des magasins

Provideurs de plate-forme de technologie numérique et de commerce électronique

Les partenariats technologiques clés comprennent:

• Salesforce Commerce Cloud
• Adobe Experience Cloud
• Ventes numériques: 2,3 milliards de dollars en 2022
• Pénétration du commerce électronique: 38% du total des ventes

Équipement salon et vendeurs d'approvisionnement de beauté professionnels

Partenariats professionnels de l'approvisionnement de beauté:

Catégorie des vendeurs	Nombre de partenariats	Valeur d'achat annuelle
Équipement capillaire professionnel	45+	127 millions de dollars
Vendeurs d'approvisionnement en salon	30+	89 millions de dollars

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: activités clés

Ventes de produits de vente au détail et de produits de beauté

Au troisième rang 2023, Ulta Beauty exploite 1 355 magasins de détail aux États-Unis. Les ventes nettes totales pour l'exercice 2022 ont atteint 8,6 milliards de dollars. La société propose environ 25 000 produits de plus de 600 marques dans plusieurs catégories de beauté.

Catégorie de produits	Pourcentage de ventes
Se maquiller	44%
Soins de la peau	18%
Casse-tête	20%
Parfum	12%
Bain & Corps	6%

Gestion de l'expérience client en ligne et en magasin

Les ventes numériques représentaient 35% du total des ventes nettes au cours de l'exercice 2022. La stratégie omnicanal de la société comprend:

• Visibilité des stocks en temps réel dans les magasins en ligne et physiques
• Acheter en ligne, prendre un service de ramassage en magasin (BOPIS)
• Application mobile avec technologie d'essai virtuel

Curation de produits de beauté et marchandisage

Ulta Beauty maintient des partenariats exclusifs avec plus de 50 marques et lance environ 300 nouveaux produits par an. La marque privée de la société, Ultamate, représente 10% du total des ventes.

Développement et gestion du programme de fidélité

Le programme Ultamate Rewards compte 39,4 millions de membres actifs au T3 2023. Les membres génèrent environ 95% du total des ventes d'entreprises.

Niveau d'adhésion	Exigence de dépenses annuelle
Membre	$0
Platine	$500+
Diamant	$1,200+

Opérations de magasins numériques et physiques

La taille moyenne du magasin est de 10 000 pieds carrés. La stratégie d'expansion des magasins cible 1 500 emplacements au total. La plate-forme numérique comprend un site Web de commerce électronique et une application mobile avec une disponibilité de 99,5%.

• Investissement moyen en capital du magasin: 1,2 million de dollars par emplacement
• Budget de maintenance du magasin annuel: 75 millions de dollars
• Plateforme numérique Investissement technologique annuel: 120 millions de dollars

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: Ressources clés

Inventaire étendu des produits de beauté

Depuis le quatrième trimestre 2023, Ulta Beauty maintient un inventaire de plus de 25 000 SKU sur plus de 600 marques de beauté.

Catégorie d'inventaire	Nombre de marques	Pourcentage de l'inventaire total
Marques de prestige	250	42%
Marques de pharmacie	200	33%
Marques appartenant à Ulta	15	25%

Programme de fidélité sophistiqué

Ultamate Rewards Program Statistics:

• Total des membres: 39,4 millions à partir de janvier 2024
• Taux d'achat répété: 92%
• Revenus annuels générés par le programme de fidélité: 3,2 milliards de dollars

Infrastructure de vente au détail numérique et physique

Empreinte au détail à partir de 2024:

• Total des magasins: 1 350 emplacements dans 50 États
• Plateforme de commerce électronique: ulta.com
• Téléchargements d'applications mobiles: 24,6 millions

Ressources humaines

Catégorie des employés	Nombre total	Heures de formation moyennes
Conseillers de beauté	12,500	40 heures par an
Professionnels du salon	5,600	60 heures par an

Réputation de la marque

Indicateurs de performance financière:

• Revenus annuels (2023): 9,6 milliards de dollars
• Capitalisation boursière: 22,3 milliards de dollars
• Classement de la valeur de la marque: # 1 dans Beauty Retail Specialty Stores

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: propositions de valeur

Expérience de magasinage de beauté à guichet

Au quatrième trimestre 2023, Ulta Beauty exploite 1 351 magasins de détail dans 50 États américains. Total de vente au détail en pieds carrés: 12,9 millions de pieds carrés. Inventaire de produits couvrant plus de 25 000 SKU de plus de 600 marques de beauté.

Métrique	2023 données
Total des magasins de vente au détail	1,351
SKUS de produits	25,000+
Marques de beauté transportées	600+

Large gamme de prix et de marques de prix du produit

Catégories de gamme de prix:

• Marques de prestige: 20 $ à 200 $
• Marques Massstige: 10 $ - 50 $
• Marques de marché de masse: 3 $ à 20 $

Services de beauté complets

Revenus de services en magasin pour 2023: 241 millions de dollars. Les services comprennent:

• Services de salon
• Consultations de maquillage
• Traitements de soins de la peau

Recommandations des clients personnalisés

Métriques du programme de fidélité:

Statistique du programme de fidélité	2023 données
Membres de la fidélité totale	39,4 millions
Taux d'achat répété	95%

Options d'achat en ligne et en magasin pratique

Performance du commerce électronique en 2023:

• Ventes en ligne: 2,1 milliards de dollars
• Croissance du canal numérique: 15,2%
• Téléchargements d'applications mobiles: 4,3 millions

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: relations clients

Interactions numériques et en magasin personnalisées

En 2024, Ulta Beauty exploite 1 315 magasins de détail aux États-Unis. L'approche omnicanal de l'entreprise intègre des points de contact numériques et physiques pour améliorer l'expérience client.

Canal d'interaction client	Métriques d'engagement
Interactions de plate-forme numérique	Plus de 38,5 millions de membres du programme de fidélité active
Services de consultation en magasin	Disponible dans 95% des emplacements de vente au détail
Consultations de beauté en ligne	Technologie d'essai virtuelle utilisée par 22% des clients numériques

Programme de fidélité complet avec récompenses

Le programme de fidélité d'Ulta, Ultamate Rewards, fournit des stratégies d'engagement client complètes.

• Membres du programme de fidélité totale: 38,5 millions
• Contribution des revenus du programme de fidélité annuel: 90% du total des ventes
• Points de récompense Taux de rachat: 65% des membres utilisent activement des points

Consultations de produits de beauté et conseils d'experts

ULTA fournit des consultations de beauté professionnelles à travers plusieurs canaux.

Type de consultation	Disponibilité
Consultations de beauté en magasin	Services gratuits dans 1 315 emplacements de vente au détail
Conseils d'experts en ligne	Support numérique 24/7 via le site Web et l'application mobile
Services de maquilleurs professionnels	Disponible dans 80% des emplacements des magasins

Application mobile et engagement communautaire en ligne

Les plates-formes numériques d'Ulta stimulent l'engagement et les ventes des clients.

• Téléchargements d'applications mobiles: 27,3 millions
• Application mobile Utilisateurs actifs mensuels: 15,6 millions
• Taux d'engagement communautaire en ligne: 42% des clients numériques

Amélioration continue des clients et de l'expérience des clients

ULTA met en œuvre des mécanismes de rétroaction des clients robustes.

Canal de rétroaction	Métriques de réponse
Taux de réponse à l'enquête de satisfaction du client	68% des clients fournissent des commentaires
Plateforme d'examen numérique	Plus de 1,2 million d'examens de produits collectés
Cycles d'amélioration de l'expérience client	Processus d'examen systématique trimestriel

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: canaux

Magasins de vente au détail physique

Au troisième rang 2023, Ulta Beauty exploite 1 357 magasins de détail aux États-Unis. La société maintient une présence physique significative au détail avec une taille moyenne de magasin d'environ 10 000 pieds carrés.

Métrique du magasin	Nombre
Nombre total de magasins	1,357
Taille moyenne du magasin	10 000 pieds carrés
États de présence	50

Site Web de commerce électronique

La plate-forme de commerce électronique d'Ulta a généré 1,8 milliard de dollars de ventes nettes au cours de l'exercice 2022, ce qui représente 35,4% du total des ventes d'entreprises.

• Taux de croissance des ventes numériques en 2022: 14,5%
• Trafic Web mobile: 70% du trafic numérique total
• Valeur de commande en ligne moyenne: 79 $

Application de magasinage mobile

L'application mobile Ulta Beauty compte plus de 38 millions de membres actifs en 2023.

Métrique de performance de l'application	Valeur
Total des utilisateurs de l'application active	38 millions
Ranque de téléchargement d'applications (catégorie de beauté)	Top 3

Plateformes de médias sociaux

Ulta Beauty maintient une forte présence sur les réseaux sociaux sur plusieurs plateformes.

Plate-forme	Nombre de suiveurs
Instagram	4,2 millions
Tiktok	1,5 million
Facebook	2,8 millions

Services de beauté en magasin et consultations

ULTA propose des services de beauté complets dans ses emplacements de vente au détail.

• Emplacements de service total en magasin: 1 200+
• Transactions de service annuelles: 25 millions
• Revenus de service moyen par transaction: 45 $

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: segments de clientèle

Antactifs de beauté et professionnels

Au quatrième trimestre 2023, le programme de fidélité d'Ulta Beauty (Ultamate Rewards) comptait 39,4 millions de membres actifs. Le programme génère environ 95% des ventes totales par le biais de ces clients engagés.

Type de client	Pourcentage de clientèle	Dépenses annuelles
Utilisateurs de beauté professionnelle	22%	1 250 $ par an
Consommateurs de beauté occasionnels	78%	450 $ par an

Consommations du millénaire et de la génération Z

Ulta Beauty cible la démographie plus jeune avec des stratégies spécifiques:

• Les consommateurs du millénaire représentent 35% de la clientèle totale
• Les consommateurs de la génération Z représentent 25% de la clientèle totale
• Taux d'engagement numérique pour ces segments: 68%

Femmes à revenu moyen et supérieur

Tranche de revenu	Pourcentage du segment de la clientèle	Valeur de transaction moyenne
$75,000 - $125,000	42%	$185
$125,000 - $250,000	28%	$275

Maquilleurs professionnels

Ulta Beauty fournit des services spécialisés pour les maquilleurs professionnels:

• Le programme de réduction Pro couvre 15% du segment de clientèle professionnel
• Dépenses professionnelles annuelles moyennes: 3 500 $
• La section dédiée Pro Beauty Supply génère 180 millions de dollars par an

Collectionneurs de produits de beauté et abonnés de tendance

Les données des clients d'Ulta Beauty révèlent:

Tendance suivant le segment	Métrique
Les médias sociaux ont influencé les achats	47%
Taux d'essai de nouveau produit	62%
Produits uniques moyens achetés chaque année	18 produits

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: Structure des coûts

Inventaire l'approvisionnement et la gestion

Coût des stocks annuels pour Ulta Beauty en 2023: 2,43 milliards de dollars

Catégorie de coûts	Montant
Achat d'inventaire esthétique	1,65 milliard de dollars
Inventaire de soins de la peau	520 millions de dollars
Inventaire de la soins capillaires	255 millions de dollars

Opérations et entretien des magasins

Total des dépenses liées au magasin en 2023: 1,12 milliard de dollars

• Coûts de loyer et d'occupation: 678 millions de dollars
• Services publics et maintenance: 215 millions de dollars
• Stocker l'équipement et les accessoires: 227 millions de dollars

Salaires et formation des employés

Total des dépenses du personnel pour 2023: 1,37 milliard de dollars

Catégorie des employés	Coût annuel moyen
Salaires du personnel de vente au détail	845 millions de dollars
Employés d'entreprise	392 millions de dollars
Formation et développement	133 millions de dollars

Infrastructure et technologie numériques

Investissements technologiques et plate-forme numérique en 2023: 287 millions de dollars

• Développement de la plate-forme de commerce électronique: 124 millions de dollars
• Infrastructure informatique: 93 millions de dollars
• Technologie de marketing numérique: 70 millions de dollars

Frais de marketing et d'acquisition des clients

Total des dépenses de marketing pour 2023: 512 millions de dollars

Canal de marketing	Dépenses
Marketing numérique	238 millions de dollars
Publicité traditionnelle	164 millions de dollars
Promotion du programme de fidélité	110 millions de dollars

Ulta Beauty, Inc. (ULTA) - Modèle d'entreprise: Strots de revenus

Ventes de produits cosmétiques et de beauté

Ventes nettes totales pour Ulta Beauty au cours de l'exercice 2023: 9,62 milliards de dollars Ventes de catégorie de beauté prestige: 4,3 milliards de dollars Ventes de catégorie de beauté de masse: 2,7 milliards de dollars

Catégorie de produits	Revenus de vente (2023)
Se maquiller	3,8 milliards de dollars
Soins de la peau	1,9 milliard de dollars
Casse-tête	1,5 milliard de dollars
Parfum	1,1 milliard de dollars

Revenus du salon et des services de beauté

Revenus du service de salon annuel: 382 millions de dollars Billet moyen de service de salon: 45 $

Monétisation du programme de fidélité

Ulta Beauty Rewards Membres: 41,4 millions de membres actifs Pourcentage des ventes des membres du programme de fidélité: 95%

Ventes de produits de marque privée

• Ulta Beauty Collection Ventes annuelles: 660 millions de dollars
• Pourcentage des ventes totales de la marque privée: 6,8%

Transactions de produits en ligne et en magasin

Canal de vente	Pourcentage de revenus
Ventes en magasin	72%
Ventes en ligne	28%

Ventes totales de canaux numériques pour l'exercice 2023: 2,69 milliards de dollars

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).