Analysis of Revenues
Revenues as Reported
Ulta Beauty Inc., income statement, revenues
US$ in thousands
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).
- Overall Revenue Trend
- The total revenue exhibited consistent growth over the period analyzed, increasing from approximately $5.88 billion in early 2018 to over $10.2 billion by early 2023. Despite a noticeable dip in fiscal year 2021, revenue rebounded strongly in subsequent years, culminating in the highest recorded figure at the end of the period.
- Cosmetics Segment
- Revenue from cosmetics showed a substantial upward trend overall, with figures rising from about $3.0 billion in 2018 to $4.3 billion in 2023. An exception occurred in 2021 where a decline was observed, dropping to roughly $2.77 billion from $3.77 billion the prior year, before recovering in the following two years.
- Haircare Products and Styling Tools
- This segment demonstrated steady growth throughout the period. Revenue rose from approximately $1.12 billion in 2018 to over $2.14 billion in 2023, nearly doubling over the six-year span. There was a slight decline in 2021 compared to 2020; however, this was promptly corrected with strong increases through 2022 and 2023.
- Skincare
- Skincare revenue data was unavailable before 2020, starting at approximately $1.04 billion that year. From that point, it fluctuated somewhat—decreasing slightly in 2021, but then rising appreciably in subsequent years to reach about $1.74 billion in 2023, showing a solid growth trajectory overall.
- Fragrance and Bath
- Beginning with recorded data in 2020 at roughly $666 million, this category exhibited continuous growth each year, climbing to nearly $1.43 billion by 2023. The steady increase highlights expanding consumer demand or successful product development within this segment.
- Skincare, Bath, and Fragrance (Legacy)
- Data for the legacy classification appeared only in 2018 and 2019, indicating figures of approximately $1.24 billion and $1.41 billion, respectively. No values were recorded after 2019, suggesting this category may have been restructured or reclassified subsequently into the individual skincare and fragrance categories.
- Services
- Revenue from services started at $353 million in 2018, experienced a slight decline in 2019, and a more notable reduction in 2021 to $185 million. Recovery was evident thereafter with revenues reaching $306 million in 2023, although this still remained below initial 2018 levels.
- Accessories and Other
- This segment showed growth from 2018, with an initial $177 million, increasing notably to over $306 million by 2023. The data indicates a relatively steady upward movement, particularly after a dip in 2020.