Ulta Making Space For Skin Care, Championing ‘Conscious Beauty’ As COVID Grip Loosens
The retailer is growing its skin- and hair-care assortments to meet strong demand and highlighting “clean” with the coming launch of its Conscious Beauty certification program. Sales will remain challenged for the remainder of fiscal 2020, but longer-term prospects are optimistic, Ulta leadership said during the firm’s second-quarter earnings call.
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The specialty retailer, entering Target stores in the fall, is aiming for net sales of $7.2bn to $7.3bn in fiscal 2021, compared with $6.15bn in 2020 and $7.4bn in 2019. President Dave Kimbell will be taking the helm in June while CEO Mary Dillon stays on for one year as executive chair of the board.
Sales declines slowed significantly in Ulta’s fiscal 2020 third quarter as consumers returned to physical stores and e-commerce gains continued, albeit at a moderated clip. But surging infections around the US and tightening government restrictions have the retailer cautious about fourth-quarter projections.
Target guests in selected locations will be able to shop a curated Ulta Beauty section in the second half of 2021. The partnership could attract new clientele to Target stores and give Ulta a boost following nationwide store closures this year due to COVID.