Ulta Beauty Unveils $3 Billion Share Buyback Program And Plans To Open 200 New Stores In Next Three Years -- MarketWatch

MarketWatch · 10/16 12:08

Ulta Beauty Inc. (ULTA) announced a new $3 billion share buyback authorization on Wednesday and said it plans to open 200 new stores over the next three years. In a statement released ahead of an investor day, the cosmetics and beauty products retailer said it's targeting a network of more than 1,800 stores over the long term. The company is aiming to drive its loyalty program to 50 million members by 2028 and expand to new customer segments. Ulta backed its guidance for 2024 for sales of $11.0 billion to $11.2 billion and for same-store sales to range from down 2% to flat. It sill expects per-share earnings to range from $22.60 to $23.50. For 2026 and beyond, the company is targeting 4% to 6% sales growth and low double-digit EPS growth. "This plan will enable us to drive strong growth and capture greater market share in beauty and wellness," Chief Executive Dave Kimbell said in prepared remarks. The stock fell 2.3% premarket and is down 25% in the year to date, while the S&P 500 has gained 22%.

-Ciara Linnane

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October 16, 2024 08:08 ET (12:08 GMT)

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