Net Profit Margin
since 2008
Calculation
Ulta Beauty Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Jan 28, 2023 | 12.17% | = | 100 | × | 1,242,408) | ÷ | 10,208,580) |
| Jan 29, 2022 | 11.42% | = | 100 | × | 985,837) | ÷ | 8,630,889) |
| Jan 30, 2021 | 2.86% | = | 100 | × | 175,835) | ÷ | 6,151,953) |
| Feb 1, 2020 | 9.54% | = | 100 | × | 705,945) | ÷ | 7,398,068) |
| Feb 2, 2019 | 9.80% | = | 100 | × | 658,559) | ÷ | 6,716,615) |
| Feb 3, 2018 | 9.44% | = | 100 | × | 555,234) | ÷ | 5,884,506) |
| Jan 28, 2017 | 8.44% | = | 100 | × | 409,760) | ÷ | 4,854,737) |
| Jan 30, 2016 | 8.15% | = | 100 | × | 320,008) | ÷ | 3,924,116) |
| Jan 31, 2015 | 7.93% | = | 100 | × | 257,135) | ÷ | 3,241,369) |
| Feb 1, 2014 | 7.60% | = | 100 | × | 202,849) | ÷ | 2,670,573) |
| Feb 2, 2013 | 7.77% | = | 100 | × | 172,549) | ÷ | 2,220,256) |
| Jan 28, 2012 | 6.77% | = | 100 | × | 120,264) | ÷ | 1,776,151) |
| Jan 29, 2011 | 4.88% | = | 100 | × | 71,030) | ÷ | 1,454,838) |
| Jan 30, 2010 | 3.22% | = | 100 | × | 39,356) | ÷ | 1,222,771) |
| Jan 31, 2009 | 2.33% | = | 100 | × | 25,268) | ÷ | 1,084,646) |
| Feb 2, 2008 | 2.78% | = | 100 | × | 25,335) | ÷ | 912,141) |
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), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
1 US$ in thousands
The financial performance from 2008 to 2023 reveals a long-term trajectory of expansion in both scale and profitability, interrupted by a significant contraction in 2021. Operational efficiency, as measured by the net profit margin, demonstrated a consistent upward trend for over a decade before experiencing sharp volatility and a subsequent recovery to record levels.
- Long-Term Margin Expansion (2008–2020)
- Between 2008 and 2020, the net profit margin grew from 2.78% to a peak of 9.80% in 2019. This period was characterized by a steady increase in net sales, which rose from approximately $912 million to $7.4 billion, coupled with an even more aggressive growth in net income, indicating improved cost management and the realization of economies of scale.
- The 2021 Fiscal Contraction
- A substantial decline is observed in the 2021 fiscal year, where the net profit margin plummeted to 2.86%. This decline coincided with a reduction in net sales to $6.15 billion and a sharp drop in net income to $175.8 million, representing a significant temporary deviation from the established growth pattern.
- Post-2021 Recovery and Optimization
- Following the 2021 downturn, a robust recovery occurred. By 2023, net sales reached $10.2 billion, and the net profit margin climbed to 12.17%, the highest value in the analyzed period. This suggests not only a recovery of previous volume but an increase in overall operational efficiency and profitability per dollar of sales.
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Comparison to Competitors
Ulta Beauty Inc., net profit margin, long-term trends, comparison to competitors
| Ulta Beauty Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Jan 28, 2023 | 12.17% | 5.29% | 10.87% | 6.63% | 7.00% |
| Jan 29, 2022 | 11.42% | -0.53% | 10.87% | 8.77% | 6.76% |
| Jan 30, 2021 | 2.86% | 7.10% | 9.74% | 6.51% | 0.28% |
| Feb 1, 2020 | 9.54% | 5.53% | 10.20% | 5.93% | 7.84% |
| Feb 2, 2019 | 9.80% | 4.13% | 10.28% | 3.25% | 7.85% |
| Feb 3, 2018 | 9.44% | 4.33% | 8.55% | 5.02% | 7.27% |
| Jan 28, 2017 | 8.44% | 1.71% | 8.41% | 4.76% | 6.93% |
| Jan 30, 2016 | 8.15% | 1.74% | 7.92% | 4.31% | 7.36% |
| Jan 31, 2015 | 7.93% | 0.56% | 7.63% | 4.80% | 7.62% |
| Feb 1, 2014 | 7.60% | -0.27% | 6.83% | 4.28% | 7.79% |
| Feb 2, 2013 | 7.77% | 0.37% | 6.07% | 3.88% | 7.37% |
| Jan 28, 2012 | 6.77% | -0.06% | 5.52% | 3.66% | 6.45% |
| Jan 29, 2011 | 4.88% | 1.31% | 4.91% | 4.12% | 6.12% |
| Jan 30, 2010 | 3.22% | 3.37% | 4.02% | 3.78% | 5.98% |
| Jan 31, 2009 | 2.33% | 3.68% | 3.17% | 4.55% | 4.63% |
| Feb 2, 2008 | 2.78% | 3.37% | 5.68% | 5.82% | 4.14% |
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), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Ulta Beauty Inc., net profit margin, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Ulta Beauty Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Jan 28, 2023 | 12.17% | 6.54% |
| Jan 29, 2022 | 11.42% | 3.14% |
| Jan 30, 2021 | 2.86% | 7.21% |
| Feb 1, 2020 | 9.54% | 6.58% |
| Feb 2, 2019 | 9.80% | 5.63% |
| Feb 3, 2018 | 9.44% | 5.65% |
| Jan 28, 2017 | 8.44% | 4.42% |
| Jan 30, 2016 | 8.15% | 4.52% |
| Jan 31, 2015 | 7.93% | 4.30% |
| Feb 1, 2014 | 7.60% | 3.85% |
| Feb 2, 2013 | 7.77% | 3.85% |
| Jan 28, 2012 | 6.77% | 3.50% |
| Jan 29, 2011 | 4.88% | 3.92% |
| Jan 30, 2010 | 3.22% | 4.06% |
| Jan 31, 2009 | 2.33% | 3.83% |
| Feb 2, 2008 | 2.78% | 5.27% |
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), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
Comparison to Industry (Consumer Discretionary)
Ulta Beauty Inc., net profit margin, long-term trends, comparison to industry (consumer discretionary)
| Ulta Beauty Inc. | Consumer Discretionary | |
|---|---|---|
| Jan 28, 2023 | 12.17% | 7.84% |
| Jan 29, 2022 | 11.42% | 5.02% |
| Jan 30, 2021 | 2.86% | 9.12% |
| Feb 1, 2020 | 9.54% | 5.18% |
| Feb 2, 2019 | 9.80% | 5.92% |
| Feb 3, 2018 | 9.44% | 6.19% |
| Jan 28, 2017 | 8.44% | 4.38% |
| Jan 30, 2016 | 8.15% | 5.77% |
| Jan 31, 2015 | 7.93% | 6.37% |
| Feb 1, 2014 | 7.60% | 4.66% |
| Feb 2, 2013 | 7.77% | 5.29% |
| Jan 28, 2012 | 6.77% | 5.32% |
| Jan 29, 2011 | 4.88% | 8.80% |
| Jan 30, 2010 | 3.22% | 5.80% |
| Jan 31, 2009 | 2.33% | 4.94% |
| Feb 2, 2008 | 2.78% | 0.22% |
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), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).