Operating Profit Margin
since 2008
Calculation
Ulta Beauty Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Jan 28, 2023 | 16.05% | = | 100 | × | 1,638,610) | ÷ | 10,208,580) |
| Jan 29, 2022 | 15.03% | = | 100 | × | 1,297,492) | ÷ | 8,630,889) |
| Jan 30, 2021 | 3.85% | = | 100 | × | 236,820) | ÷ | 6,151,953) |
| Feb 1, 2020 | 12.18% | = | 100 | × | 901,094) | ÷ | 7,398,068) |
| Feb 2, 2019 | 12.72% | = | 100 | × | 854,080) | ÷ | 6,716,615) |
| Feb 3, 2018 | 13.35% | = | 100 | × | 785,291) | ÷ | 5,884,506) |
| Jan 28, 2017 | 13.49% | = | 100 | × | 654,824) | ÷ | 4,854,737) |
| Jan 30, 2016 | 12.90% | = | 100 | × | 506,297) | ÷ | 3,924,116) |
| Jan 31, 2015 | 12.66% | = | 100 | × | 410,415) | ÷ | 3,241,369) |
| Feb 1, 2014 | 12.27% | = | 100 | × | 327,588) | ÷ | 2,670,573) |
| Feb 2, 2013 | 12.61% | = | 100 | × | 279,978) | ÷ | 2,220,256) |
| Jan 28, 2012 | 11.05% | = | 100 | × | 196,195) | ÷ | 1,776,151) |
| Jan 29, 2011 | 8.17% | = | 100 | × | 118,884) | ÷ | 1,454,838) |
| Jan 30, 2010 | 5.57% | = | 100 | × | 68,153) | ÷ | 1,222,771) |
| Jan 31, 2009 | 4.27% | = | 100 | × | 46,301) | ÷ | 1,084,646) |
| Feb 2, 2008 | 5.12% | = | 100 | × | 46,721) | ÷ | 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 long-term financial trajectory reflects a significant expansion in operational efficiency and scale. Net sales increased from 912 million US dollars in 2008 to over 10.2 billion US dollars by 2023, while the operating profit margin generally trended upward, reaching a peak of 16.05% in the final year of the period.
- Early Expansion Phase (2008–2013)
- A period of rapid margin expansion is observed, with the operating profit margin rising from 5.12% in 2008 to 12.61% in 2013. This growth trend aligns with a consistent increase in net sales, suggesting the successful realization of economies of scale and improved operational leverage.
- Period of Margin Stabilization (2014–2020)
- Between 2014 and 2020, the operating profit margin entered a phase of relative stability, fluctuating within a narrow range between 12.18% and 13.49%. During this timeframe, net sales continued to grow substantially, rising from 2.67 billion US dollars to approximately 7.4 billion US dollars, although the margin percentage remained largely plateaued.
- Volatility and Record Recovery (2021–2023)
- A significant contraction occurred in 2021, where the operating profit margin dropped to 3.85%, the lowest level recorded since 2009. This decline was mirrored by a contraction in net sales to 6.15 billion US dollars. Subsequently, a sharp recovery is observed, with the margin surging to 15.03% in 2022 and further increasing to 16.05% in 2023, representing the highest efficiency levels across the entire analyzed period.
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Comparison to Competitors
Ulta Beauty Inc., operating profit margin, long-term trends, comparison to competitors
| Ulta Beauty Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Jan 28, 2023 | 16.05% | 6.41% | 15.27% | 10.47% |
| Jan 29, 2022 | 15.03% | 2.38% | 15.24% | 12.56% |
| Jan 30, 2021 | 3.85% | 5.30% | 13.84% | 10.77% |
| Feb 1, 2020 | 12.18% | 5.93% | 14.37% | 8.75% |
| Feb 2, 2019 | 12.72% | 5.18% | 14.35% | 5.63% |
| Feb 3, 2018 | 13.35% | 5.33% | 14.55% | 9.60% |
| Jan 28, 2017 | 13.49% | 2.31% | 14.19% | 8.99% |
| Jan 30, 2016 | 12.90% | 3.08% | 13.30% | 8.41% |
| Jan 31, 2015 | 12.66% | 2.09% | 12.59% | 8.52% |
| Feb 1, 2014 | 12.27% | 0.20% | 11.63% | 0.00% |
| Feb 2, 2013 | 12.61% | 1.00% | 10.39% | 0.00% |
| Jan 28, 2012 | 11.05% | 1.11% | 9.46% | 0.00% |
| Jan 29, 2011 | 8.17% | 1.79% | 8.59% | 0.00% |
| Jan 30, 2010 | 5.57% | 4.11% | 7.26% | 0.00% |
| Jan 31, 2009 | 4.27% | 4.61% | 6.11% | 0.00% |
| Feb 2, 2008 | 5.12% | 4.39% | 9.36% | 0.00% |
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).