Name: Ulta Beauty Inc. (NASDAQ:ULTA) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Download chart

Ulta Beauty Inc., income statement, revenues

US$ in thousands

12 months ended:	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Cosmetics	4,287,604)	3,711,282)	2,768,379)	3,773,015)	3,425,474)	3,001,098)
Haircare products and styling tools	2,143,802)	1,726,178)	1,230,391)	1,331,652)	1,276,157)	1,118,056)
Skincare	1,735,459)	1,467,251)	984,312)	1,035,730)	—)	—)
Fragrance and bath	1,429,201)	1,208,324)	738,234)	665,826)	—)	—)
Skincare, bath, and fragrance (legacy)	—)	—)	—)	—)	1,410,489)	1,235,746)
Services	306,257)	258,927)	184,559)	369,903)	335,831)	353,070)
Accessories and other	306,257)	258,927)	246,078)	221,942)	268,664)	176,536)
Revenue	10,208,580)	8,630,889)	6,151,953)	7,398,068)	6,716,615)	5,884,506)

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

Total revenue exhibited a general upward trajectory over the six-year period, increasing from approximately $5.88 billion in 2018 to $10.21 billion in 2023. This growth was characterized by a steady climb through 2020, followed by a significant contraction in 2021, where revenue fell to $6.15 billion. However, the subsequent two years showed an accelerated recovery, with revenue surpassing 2020 levels by 2022 and reaching a peak in 2023.

Cosmetics Performance: Cosmetics remains the primary revenue driver for the organization. This segment grew from $3.00 billion in 2018 to a peak of $4.29 billion in 2023. A sharp decline was observed in 2021, where revenue dropped to $2.77 billion, representing the most substantial volatility among the product categories during that period before rebounding strongly in 2022 and 2023.
Haircare and Styling Tools Growth: The haircare products and styling tools segment demonstrated consistent expansion, nearly doubling from $1.12 billion in 2018 to $2.14 billion in 2023. While a slight dip occurred in 2021, the recovery was aggressive, with a significant surge in revenue observed between 2021 and 2023.
Skincare, Fragrance, and Bath Evolution: A transition in reporting occurred in 2020, moving from a combined legacy category to separate reporting for skincare and fragrance/bath. Following this separation, skincare grew from $1.04 billion in 2020 to $1.74 billion in 2023. Similarly, the fragrance and bath segment saw rapid growth, increasing from $666 million in 2020 to $1.43 billion in 2023, indicating a strong diversification of the product mix.
Services and Accessories Analysis: The services segment experienced the most severe impact in 2021, with revenue falling to $185 million from a 2020 high of $370 million. Although recovery is evident, reaching $306 million by 2023, this segment has not yet returned to its 2020 peak. Conversely, accessories and other revenue showed a steady increase, growing from $177 million in 2018 to $306 million in 2023.

Overall, the revenue profile indicates a resilient business model that recovered rapidly from a 2021 downturn. The growth is increasingly driven not only by the core cosmetics business but also by significant expansions in the haircare, skincare, and fragrance categories.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?