Ulta Beauty to ramp up store openings [Video]

Ulta Beauty announced on Wednesday that it plans to open 200 new stores over a three-year period as part of the company’s strategic growth plan.

The beauty retailer said Wednesday that it will step up the pace of its openings, targeting a 1,800-plus store footprint “over the long-term.”

Ulta currently has more than 1,400 retail stores nationwide. It also has several hundred Ulta Beauty at Target locations.

The company unveiled its expansion plans in the morning, before the start of its investor day on Wednesday.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Ulta maintained its guidance for fiscal year 2024 and expects a total of 60-65 net new stores, 40-45 remodel and relocation projects, and net sales of $11 billion to $11.2 billion. It completed 26 net new store openings over the first half of fiscal 2024, according to its August earnings release.

The accelerated new store openings are part of Ulta broader strategy to “drive profitable growth and market share leadership” through various assortment, …