Ulta Beauty, which posted strong financial results for 2023, will move into Mexico next year as part of a joint venture with global brands operator Axo. The retailer’s $11.2 billion in net sales for FY 2023, which ended Feb. 3, 2024, was 9.8% higher than the previous year, fueled by a comparable sales rise of 5.7%.
“Our compelling holiday plans and thoughtfully curated assortment resonated with our guests and delivered healthy traffic, record brand awareness and strong member growth,” said Dave Kimbell, CEO of Ulta Beauty in a statement. “I am proud of how our teams drove these results while making meaningful progress on our multi-year, transformational investment agenda to enable new capabilities for future growth.”
Ulta renamed and revamped its loyalty program beginning Jan. 1, 2024, including enhanced benefits for its 42.2 million members. Additionally, the retailer has been innovating with the customer-facing technology in its stores, including piloting product sampling tech in October 2023 and new lash application technology in December 2023.
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