Ulta, the large chain beauty retailer, is seeing significant growth in second quarter sales at 16.8% to $2.3 billion, dodging inflation woes and confirming beauty products are having a bright year.
Makeup, which is Ulta’s biggest category, had a tough time during the pandemic. However, consumers have refocused on personal care and affordable indulgences to help boost their confidence and well-being. As a result, the retailer is seeing gains in every category and is outpacing the growth of the overall beauty market.
The strategic partnership with Target is also helping Ulta raise its profile and provide more convenience to shoppers. It opened an additional 59 shops within Target stores in the second quarter, raising the total to 186 shop-in-shops around the country.