Ulta Beauty, Inc. (ULTA): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe na revolução do varejo de beleza com a Ulta Beauty, uma potência que transformou como os consumidores experimentam e compram cosméticos. De seu inovador Ecossistema de beleza de 360 ​​graus Para um modelo de negócios meticulosamente criado que combina perfeitamente experiências de varejo digital e físico, a Ulta redefiniu a compra de beleza para milhões. Ao combinar estrategicamente extensos gamas de produtos, serviços personalizados e um programa de fidelidade de ponta, essa gigante do varejo conquistou uma posição única no mercado de beleza competitivo que atrai tudo, desde compradores casuais a maquiadores profissionais.

Ulta Beauty, Inc. (ULTA) - Modelo de negócios: Parcerias -chave

Fabricantes de marcas cosméticas e de beleza

A Ulta Beauty mantém parcerias com mais de 600 marcas de beleza, incluindo:

Categoria de marca	Número de marcas	Contribuição da receita
Marcas de prestígio	250+	42% do portfólio total de marcas
Marcas emergentes	150+	18% do portfólio total de marcas
Marcas exclusivas	25+	12% do portfólio total de marcas

Empresas de cartão de crédito

Ulta Beauty Partners com:

• MasterCard para Ulta Ultimate Rewards Credit Card
• Membros do programa de cartão de crédito total: 29,3 milhões em janeiro de 2023
• Penetração de cartão de crédito: 53,4% do total de vendas

Varejistas de shopping e desenvolvedores de shopping centers

Estatísticas de localização da loja:

Tipo de localização	Número de lojas	Percentagem
Locais baseados em shopping	725	68% do total de lojas
Locais independentes	340	32% do total de lojas

Provedores de plataforma de tecnologia digital e comércio eletrônico

As principais parcerias tecnológicas incluem:

• Salesforce Commerce Cloud
• Adobe Experience Cloud
• Vendas digitais: US $ 2,3 bilhões em 2022
• Penetração de comércio eletrônico: 38% do total de vendas

Equipamentos de salão e fornecedores de suprimentos de beleza profissional

Parcerias profissionais de suprimentos de beleza:

Categoria de fornecedor	Número de parcerias	Valor anual de compras
Equipamento de cabelo profissional	45+	US $ 127 milhões
Fornecedores de suprimentos de salão	30+	US $ 89 milhões

Ulta Beauty, Inc. (ULTA) - Modelo de negócios: atividades -chave

Cosméticos de varejo e vendas de produtos de beleza

A partir do terceiro trimestre de 2023, a Ulta Beauty opera 1.355 lojas de varejo nos Estados Unidos. As vendas líquidas totais para o ano fiscal de 2022 atingiram US $ 8,6 bilhões. A empresa oferece aproximadamente 25.000 produtos de mais de 600 marcas em várias categorias de beleza.

Categoria de produto	Porcentagem de vendas
Inventar	44%
Cuidados com a pele	18%
Cavaleiro	20%
Fragrância	12%
Banho & Corpo	6%

Gerenciamento de experiência do cliente online e na loja

As vendas digitais representaram 35% do total de vendas líquidas no ano fiscal de 2022. A estratégia omnichannel da empresa inclui:

• Visibilidade do inventário em tempo real em lojas online e físicas
• Compre on-line, serviço na loja (Bopis) Service
• Aplicativo móvel com tecnologia de try-on virtual

Curadoria de produtos de beleza e merchandising

A Ulta Beauty mantém parcerias exclusivas com mais de 50 marcas e lança aproximadamente 300 novos produtos anualmente. A marca própria da empresa, Ultamate, representa 10% do total de vendas.

Desenvolvimento e Gerenciamento do Programa de Fidelidade

O programa Ultamate Rewards possui 39,4 milhões de membros ativos a partir do terceiro trimestre de 2023. Os membros geram aproximadamente 95% do total de vendas da empresa.

Nível de associação	Requisito anual de gastos
Membro	$0
Platina	$500+
Diamante	$1,200+

Operações de lojas digitais e físicas

O tamanho médio da loja é de 10.000 pés quadrados. A estratégia de expansão da loja tem como alvo 1.500 locais totais. A plataforma digital inclui site de comércio eletrônico e aplicativo móvel com 99,5% de tempo de atividade.

• Investimento médio de capital da loja: US $ 1,2 milhão por local
• Orçamento anual de manutenção da loja: US $ 75 milhões
• Investimento de tecnologia anual de plataforma digital: US $ 120 milhões

Ulta Beauty, Inc. (ULTA) - Modelo de negócios: Recursos -chave

Extenso inventário de produtos de beleza

A partir do quarto trimestre de 2023, a Ulta Beauty mantém um inventário de mais de 25.000 SKUs em mais de 600 marcas de beleza.

Categoria de inventário	Número de marcas	Porcentagem do inventário total
Marcas de prestígio	250	42%
Marcas de farmácias	200	33%
Marcas de propriedade da ULTA	15	25%

Programa de fidelidade sofisticado

Estatísticas do programa Ultamate Rewards:

• Total de membros: 39,4 milhões em janeiro de 2024
• Repita taxa de compra: 92%
• Receita anual gerada por meio do programa de fidelidade: US $ 3,2 bilhões

Infraestrutura de varejo digital e físico

Pegada de varejo a partir de 2024:

• Total de lojas: 1.350 locais em 50 estados
• Plataforma de comércio eletrônico: Ulta.com
• Downloads de aplicativos móveis: 24,6 milhões

Recursos Humanos

Categoria de funcionários	Número total	Horário médio de treinamento
Advisores de beleza	12,500	40 horas por ano
Profissionais de salão	5,600	60 horas por ano

Reputação da marca

Indicadores de desempenho financeiro:

• Receita anual (2023): US $ 9,6 bilhões
• Capitalização de mercado: US $ 22,3 bilhões
• Classificação de valor da marca: #1 em lojas especializadas em varejo de beleza

Ulta Beauty, Inc. (ULTA) - Modelo de negócios: proposições de valor

Experiência de compra de beleza única

A partir do quarto trimestre de 2023, a Ulta Beauty opera 1.351 lojas de varejo em 50 estados dos EUA. Mágua quadrada total de varejo: 12,9 milhões de pés quadrados. Inventário de produtos, abrangendo mais de 25.000 SKUs de mais de 600 marcas de beleza.

Métrica	2023 dados
Total de lojas de varejo	1,351
Skus de produto	25,000+
Marcas de beleza transportadas	600+

Ampla gama de preços e marcas do produto

Categorias de faixa de preço:

• Marcas de prestígio: US $ 20- $ 200
• Marcas Masstige: US $ 10- $ 50
• Marcas de mercado de massa: US $ 3- $ 20

Serviços de beleza abrangentes

Receita de serviços na loja para 2023: US $ 241 milhões. Os serviços incluem:

• Serviços de salão
• Consultas de maquiagem
• Tratamentos com cuidados com a pele

Recomendações personalizadas do cliente

Métricas do Programa de Fidelidade:

Estatística do programa de fidelidade	2023 dados
Membros totais de lealdade	39,4 milhões
Repita a taxa de compra	95%

Opções de compras online e na loja convenientes

Desempenho de comércio eletrônico em 2023:

• Vendas on -line: US $ 2,1 bilhões
• Crescimento do canal digital: 15,2%
• Downloads de aplicativos móveis: 4,3 milhões

Ulta Beauty, Inc. (Ulta) - Modelo de Negócios: Relacionamentos do Cliente

Interações digitais e na loja personalizadas

A partir de 2024, a Ulta Beauty opera 1.315 lojas de varejo nos Estados Unidos. A abordagem omnichannel da empresa integra pontos de contato digitais e físicos para melhorar a experiência do cliente.

Canal de interação do cliente	Métricas de engajamento
Interações da plataforma digital	Mais de 38,5 milhões de membros do programa de fidelidade ativa
Serviços de consulta na loja	Disponível em 95% dos locais de varejo
Consultas de beleza online	Tecnologia de tentativa virtual usada por 22% dos clientes digitais

Programa de fidelidade abrangente com recompensas

O programa de fidelidade da Ulta, Ultamate Rewards, fornece estratégias abrangentes de envolvimento do cliente.

• Membros do Programa de Fidelidade Total: 38,5 milhões
• Contribuição da receita do programa de fidelidade anual: 90% do total de vendas
• Pontos de recompensa Taxa de resgate: 65% dos membros usam ativamente pontos

Consultas de produtos de beleza e conselhos de especialistas

A Ulta fornece consultas de beleza profissional por meio de vários canais.

Tipo de consulta	Disponibilidade
Consultas de beleza na loja	Serviços gratuitos em 1.315 locais de varejo
Conselhos de especialistas online	Suporte digital 24/7 via site e aplicativo móvel
Serviços de maquiagem profissional	Disponível em 80% dos locais das lojas

Aplicativo móvel e engajamento da comunidade online

As plataformas digitais da Ulta impulsionam o envolvimento e as vendas do cliente.

• Downloads de aplicativos móveis: 27,3 milhões
• Usuários ativos mensais de aplicativo móvel: 15,6 milhões
• Taxa de engajamento da comunidade online: 42% dos clientes digitais

Feedback contínuo do cliente e melhoria da experiência

A Ulta implementa mecanismos robustos de feedback do cliente.

Canal de feedback	Métricas de resposta
Taxa de resposta da pesquisa de satisfação do cliente	68% dos clientes fornecem feedback
Plataforma de revisão digital	Mais de 1,2 milhão de análises de produtos coletadas
Ciclos de melhoria da experiência do cliente	Processo de revisão sistemática trimestral

Ulta Beauty, Inc. (Ulta) - Modelo de Negócios: Canais

Lojas de varejo físico

A partir do terceiro trimestre de 2023, a Ulta Beauty opera 1.357 lojas de varejo nos Estados Unidos. A empresa mantém uma presença física significativa no varejo, com um tamanho médio de loja de aproximadamente 10.000 pés quadrados.

Métrica da loja	Número
Contagem total de lojas	1,357
Tamanho médio da loja	10.000 pés quadrados
Estados com presença	50

Site de comércio eletrônico

A plataforma de comércio eletrônico da ULTA gerou US $ 1,8 bilhão em vendas líquidas durante o ano fiscal de 2022, representando 35,4% do total de vendas da empresa.

• Taxa de crescimento de vendas digitais em 2022: 14,5%
• Tráfego da Web móvel: 70% do tráfego digital total
• Valor médio do pedido on -line: $ 79

Aplicativo de compra móvel

O aplicativo móvel Ulta Beauty tem mais de 38 milhões de membros ativos a partir de 2023.

Métrica de desempenho do aplicativo	Valor
Usuários de aplicativos ativos totais	38 milhões
Classificação de download de aplicativos (categoria de beleza)	Top 3

Plataformas de mídia social

A Ulta Beauty mantém uma forte presença nas mídias sociais em várias plataformas.

Plataforma	Contagem de seguidores
Instagram	4,2 milhões
Tiktok	1,5 milhão
Facebook	2,8 milhões

Serviços de beleza e consultas na loja

A Ulta oferece serviços de beleza abrangentes em seus locais de varejo.

• Locais totais de serviço na loja: 1.200+
• Transações anuais de serviço: 25 milhões
• Receita média de serviço por transação: $ 45

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

Entusiastas e profissionais da beleza

A partir do quarto trimestre de 2023, o Programa de Fidelidade da Ulta Beauty (Ultamate Rewards) tinha 39,4 milhões de membros ativos. O programa gera aproximadamente 95% do total de vendas por meio desses clientes engajados.

Tipo de cliente	Porcentagem de base de clientes	Gastos anuais
Usuários de beleza profissional	22%	US $ 1.250 por ano
Consumidores de beleza casuais	78%	US $ 450 por ano

Consumidores Millennial e Gen Z

A Ulta Beauty tem como alvo a demografia mais jovem com estratégias específicas:

• Os consumidores milenares representam 35% da base total de clientes
• Os consumidores da geração Z constituem 25% da base total de clientes
• Taxa de engajamento digital para esses segmentos: 68%

Mulheres de renda média e alta

Faixa de renda	Porcentagem de segmento de clientes	Valor médio da transação
$75,000 - $125,000	42%	$185
$125,000 - $250,000	28%	$275

Artistas de maquiagem profissionais

A Ulta Beauty fornece serviços especializados para maquiadores profissionais:

• Programa de desconto profissional abrange 15% do segmento profissional de clientes
• Gastos profissionais anuais médios: US $ 3.500
• A seção dedicada de suprimentos de beleza Pro gera US $ 180 milhões anualmente

Coletores de produtos de beleza e seguidores de tendência

Os dados do cliente da Ulta Beauty revelam:

Tendência após segmento	Métricas
As mídias sociais influenciaram as compras	47%
Nova taxa de teste de produto	62%
Produtos exclusivos médios comprados anualmente	18 produtos

Ulta Beauty, Inc. (ULTA) - Modelo de negócios: estrutura de custos

Compras e gerenciamento de inventário

Custos anuais de inventário para Ulta Beauty em 2023: US $ 2,43 bilhões

Categoria de custo	Quantia
Compras de inventário cosmético	US $ 1,65 bilhão
Inventário de cuidados com a pele	US $ 520 milhões
Inventário de cabelos	US $ 255 milhões

Operações e manutenção da loja

Despesas totais relacionadas à loja em 2023: US $ 1,12 bilhão

• Custos de aluguel e ocupação: US $ 678 milhões
• Utilitários e manutenção: US $ 215 milhões
• Equipamentos e acessórios de loja: US $ 227 milhões

Salários e treinamento de funcionários

Total de despesas de pessoal para 2023: US $ 1,37 bilhão

Categoria de funcionários	Custo médio anual
Salários da equipe de varejo	US $ 845 milhões
Funcionários corporativos	US $ 392 milhões
Treinamento e desenvolvimento	US $ 133 milhões

Infraestrutura e tecnologia digital

Investimentos de tecnologia e plataforma digital em 2023: US $ 287 milhões

• Desenvolvimento da plataforma de comércio eletrônico: US $ 124 milhões
• Infraestrutura de TI: US $ 93 milhões
• Tecnologia de marketing digital: US $ 70 milhões

Despesas de marketing e aquisição de clientes

Despesas de marketing total para 2023: US $ 512 milhões

Canal de marketing	Gastos
Marketing digital	US $ 238 milhões
Publicidade tradicional	US $ 164 milhões
Promoção do Programa de Fidelidade	US $ 110 milhões

Ulta Beauty, Inc. (ULTA) - Modelo de negócios: fluxos de receita

Vendas de produtos cosméticos e de beleza

Vendas líquidas totais para Ulta Beauty no ano fiscal de 2023: US $ 9,62 bilhões Categoria de beleza de prestígio Vendas: US $ 4,3 bilhões Categoria de beleza em massa Vendas: US $ 2,7 bilhões

Categoria de produto	Receita de vendas (2023)
Inventar	US $ 3,8 bilhões
Cuidados com a pele	US $ 1,9 bilhão
Cavaleiro	US $ 1,5 bilhão
Fragrância	US $ 1,1 bilhão

Receitas de serviço de salão e beleza

Receitas anuais de serviço de salão: US $ 382 milhões Bilhete médio de serviço de salão: $ 45

Monetização do Programa de Fidelidade

Membros da Ulta Beauty Rewards: 41,4 milhões de membros ativos Porcentagem de vendas dos membros do programa de fidelidade: 95%

Vendas de produtos de marca própria

• Vendas anuais da Ulta Beauty Collection: US $ 660 milhões
• Porcentagem do total de vendas da marca privada: 6,8%

Transações de produtos online e na loja

Canal de vendas	Porcentagem de receita
Vendas na loja	72%
Vendas on -line	28%

Vendas totais de canal digital para o ano fiscal de 2023: US $ 2,69 bilhões

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).