Ulta Beauty CEO unveils updated C-suite and ‘Ulta unleashed’ comeback plan after sales, market share tumble

2 weeks ago 8

“The beauty landscape has fundamentally changed,” said newly-appointed Ulta Beauty CEO and president Kecia Steelman during Thursday’s earnings call. “Guest expectations continue to rise, and the pace of change is accelerating; the competitive environment in beauty has never been more intense.”

Ulta Beauty reported its Q4 2024 results on Thursday which include a net sales decrease of 1.9% to reach $3.5 billion compared to $3.6 billion during the same time last year. However, when looking at its full fiscal 2024 compared to 2023, net sales increased 0.8% to $11.3 billion compared to $11.2 billion.

“For the first time, we lost market share in the beauty category in 2024,” Steelman said. “I am aware of the challenges that we face — some of them are external, while others we own.”

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